Canadian Banc Recovery Corp. Announces Filing of Management Information Circular for Special Meeting
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 10/12/11 -- The Board of Directors of Canadian Banc Recovery Corp. (the "Company") today announced that it has filed a Management Information Circular for the special meeting of the holders of the Company's Preferred Shares and Class A Shares to be held at 10:00 a.m. (Eastern standard time) on Thursday, November 3, 2011. The main purpose of the meeting is to consider a special resolution to extend the mandatory termination date for the Company from December 1, 2012 to December 1, 2018. Shareholders of record at the close of business on September 29, 2011 will be provided with the Notice of meeting and Management Information Circular in respect of the meeting and will be entitled to vote at the meeting.
The reasons for the term extension proposal are as follows:
If the extension is approved, Class A Shareholders and Preferred Shareholders will be provided with a Special Retraction right as described in the Management Information Circular which is designed to provide Shareholders with an opportunity to retract their Shares, if they so wish, and receive a retraction price that is calculated in the same way that such price would be calculated if the Company were to terminate on December 1, 2012 as originally contemplated.
The special resolution also allows the Board of Directors to provide subsequent 5 year extension terms while continuing to provide all shareholders with the same retraction right entitlement at each extension date as they would have had if the term of the Company were not to be so extended. The ability to extend the termination date will save the Company all of the associated costs of holding a special shareholders meeting while still retaining each shareholders right to retract their shares on the same basis as if a termination date had occurred. The resolution provides the Board with the ability to modify the dividend formula for ensuing extension terms beyond December 1, 2018 if necessary, to reflect market conditions existing at that time.
The Board of Directors of the Company has determined that the special resolution is in the best interests of the Company and its shareholders. Accordingly, the Board of Directors recommends that shareholders vote FOR the special resolution. The Independent Review Committee of the Company has also unanimously determined that the calling and holding of the special meeting to consider the matters described in the Circular, on terms set forth in the Circular, achieves a fair and reasonable result for shareholders.
The Notice of Special Meeting of Shareholders and the Management Information Circular is available on SEDAR and the Company's website at .
Contacts:
Canadian Banc Recovery Corp.
Investor Relations
416-304-4443 or Toll free at 1-877-4-Quadra (1-877-478-2372)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 12.10.2011 - 14:57 Uhr
Sprache: Deutsch
News-ID 75368
Anzahl Zeichen: 0
contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Personal Finance
Diese Pressemitteilung wurde bisher 255 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Canadian Banc Recovery Corp. Announces Filing of Management Information Circular for Special Meeting"
steht unter der journalistisch-redaktionellen Verantwortung von
Canadian Banc Recovery Corp (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
