ShawCor Announces Completion of Plan of Arrangement Eliminating its Dual Class
TORONTO, March 21, 2013
(TSX: SCL.A, SCL.B)
TORONTO, March 21, 2013 /PRNewswire/ - ShawCor Ltd. (TSX: SCL.A, SCL.B)
("ShawCor" or the "Company") is pleased to announce the successful completion,
effective March 20, 2013, of the Company's previously announced plan of
arrangement whereby, among other things, ShawCor has eliminated its dual-class
share structure (the "Arrangement").
The Arrangement was overwhelmingly approved by shareholders of ShawCor at a
special meeting held on March 14, 2013. The Ontario Superior Court of Justice
(Commercial List) issued a final order approving the Arrangement on Monday,
March 18, 2013.
ShawCor is also pleased to announce the closing of its previously announced
unsecured senior note private placement in the amount of US$350 million and
the increase of its existing unsecured revolving credit facility by US$100
million to US$250 million, the extension of the facility's term to five years
and the reduction in interest rates payable thereunder.
The Board of Directors of ShawCor has declared that the special dividend of
$1.00 per common share of ShawCor payable pursuant to the Arrangement will be
payable on April 19, 2013 to shareholders of record at the close of business
on April 4, 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.
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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