ATCO Ltd. Announces Its Intention to Split Its Shares
CALGARY, ALBERTA -- (Marketwire) -- 02/21/13 -- ATCO Ltd.
(TSX:ACO.X)(TSX:ACO.Y) announced today that it will ask its share
owners to approve a special resolution at the May 16, 2013, annual
and special meeting to increase the number of Class I Non-Voting
Shares that it is authorized to issue. If share owners approve this
special resolution, ATCO intends to split its Class I Non-Voting
Shares and Class II Voting Shares on a two-for-one basis by way of a
share dividend in 2013.
ATCO intends to undertake the share splits because the market prices
for the Class I Non-Voting Shares and the Class II Voting Shares have
significantly increased in past years. The share splits would be
intended to make the Class I Non-Voting Shares and the Class II
Voting Shares more readily accessible to individual share owners, to
increase and broaden ATCO's share owner base, and to improve the
liquidity of the market for the shares. The share splits would not
change a share owner's proportionate ownership in ATCO.
The articles of ATCO limit the number of Class I Non-Voting Shares
that ATCO is authorized to issue to 100,000,000. At December 31,
2012, 50,679,056 Class I Non-Voting Shares were outstanding.
Accordingly, ATCO cannot complete even a two-for-one split of the
Class I Non-Voting Shares unless the articles are amended to increase
the number of Class I Non-Voting Shares that it is authorized to
Holders of the Class II Voting Shares may vote on all items of
business at the annual meeting. Holders of the Class I Non-Voting
Shares will vote separately as a class on the special resolution to
increase the number of Class I Non-Voting Shares that ATCO is
authorized to issue, but are not otherwise entitled to vote.
The record date for the annual and special meeting is March 28, 2013.
Share owners whose names are entered in the applicable register at
the close of business on that date will be entitled to receive notice
of and to attend and vote at the meeting. If a share owner transfers
the ownership of any shares after the record date and the transferee
of those shares establishes ownership of the shares and demands, not
later than 10 days before the meeting, to be included in the list of
share owners eligible to vote at the meeting, then such transferee
will be entitled to vote those shares at the meeting.
ATCO Ltd., with more than 9,400 employees and approximately $14
billion in assets, delivers service excellence and innovative
business solutions worldwide with leading companies engaged in
structures & logistics (manufacturing, logistics and noise
abatement), utilities (pipelines, natural gas and electricity
transmission and distribution), energy (power generation, natural gas
gathering, processing, storage and liquids extraction) and
technologies (business systems solutions). More information can be
found at www.atco.com.
B.R. (Brian) Bale
Senior Vice President & Chief Financial Officer
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