ShawCor Announces that its Shareholders Have Approved the Proposed Plan of
Arrangement to Eliminate its Dual Class Share Structure
TORONTO, March 14, 2013
(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.
President and Chief Executive Officer
Tel: (416) 744-5815
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