ShawCor Announces that its Shareholders Have Approved the Proposed Plan of Arrangement to Eliminate its Dual Class Share Structure
(TSX: SCL.A, SCL.B)
TORONTO, March 14, 2013 /PRNewswire/ - ShawCor Ltd. (TSX: SCL.A, SCL.B) ("ShawCor" or the "Company") is pleased to announce the results of the shareholder vote on the Company's previously announced plan of arrangement whereby, among other things, ShawCor will eliminate its dual-class share structure (the "Arrangement").
Shareholders overwhelmingly approved the proposed transaction. Details of the voting results will be filed on SEDAR (www.sedar.com) in the near future.
ShawCor expects to apply for a final order of the Ontario Superior Court of Justice (Commercial List) for approval of the Arrangement on Monday, March 18, 2013, and assuming receipt of court approval and satisfaction of other conditions of closing, ShawCor expects that the Arrangement will close on or about March 20 or 21, 2013.
ShawCor Ltd. is an energy services company specializing in products and services for the pipeline and pipe services and the petrochemical and industrial segments of the oil and gas industry. The Company operates through eight divisions with over seventy manufacturing and service facilities located around the world.
Forward Looking Information
This document includes certain statements that reflect the Board's and the Special Committee's expectations and objectives for the Company's future performance, opportunities and growth, which statements constitute forward-looking information under applicable securities laws. Such statements, other than statements of historical fact, are predictive in nature or depend on future events or conditions.
Forward looking information involves known and unknown risks and uncertainties that could cause actual results to differ materially from those predicted by the forward-looking information. We caution readers not to place undue reliance on forward looking information as a number of factors could cause actual events, results and prospects to differ materially from those expressed in or implied by the forward looking information. In addition, there can be no assurance that the proposed transaction will be completed.
The Company does not assume the obligation to revise or update forward looking information after the date of this document or to revise it to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
SOURCE ShawCor Ltd.