Press release from CNW Group
ShawCor Announces Completion of Plan of Arrangement Eliminating its Dual Class Share Structure
Thursday, March 21, 2013
(TSX: SCL.A, SCL.B)
TORONTO, March 21, 2013 /CNW/ - 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.
For further information:
President and Chief Executive Officer
Tel: (416) 744-5815