NEX - GAR.H
NISKU, AB, Nov. 7, 2011 /CNW/ - Garneau Inc. ("Garneau" or the "Corporation") announces that at a special meeting of shareholders (the "Meeting") of the Corporation held on November 7, 2011, the shareholders of the
Corporation approved a special resolution authorizing: (i) the
liquidation of the Corporation; (ii) the distribution of the remaining
assets of the Corporation, which is expected to be a small amount of
cash; and (iii) the dissolution of the Corporation, all in accordance
with the requirements of the Business Corporations Act (Alberta) and pursuant to a plan of liquidation and dissolution.
The Corporation has filed a Certificate of Intent to Dissolve and
expects to complete its voluntary liquidation and dissolution on or
about November 30, 2011. Any cash remaining at that time will be
distributed on a pro rata basis to Garneau's shareholders. A letter of
transmittal (the "Letter of Transmittal") will be mailed to registered shareholders in due course with
instructions as to how shareholders may claim their pro rata share of
such cash distribution.
Completion of such transactions also remains subject to stock exchange
and other applicable regulatory approvals. For more information,
please refer to the Letter of Transmittal and the Corporation's
management proxy circular dated October 7, 2011.
Certain information contained herein constitutes forward-looking
statements. Forward-looking statements are frequently characterized by
words such as "may", "plan", "expect", "project", "intend", "believe",
"anticipate" and other similar words, or statements that certain events
or conditions "may" or "will" occur. Forward-looking statements are
based on the opinions and estimates of management at the date the
statements are made and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
In particular, this document contains forward-looking statements
pertaining to the timing of the completion of the liquidation and
dissolution of the Corporation, the potential existence and timing of a
cash distribution and the delivery of the Letter of Transmittal.
Actual events could differ materially from those anticipated in these
forward-looking statements as a result of certain risk factors,
including the receipt of all necessary regulatory approvals for the
transactions contemplated herein, the receipt of required shareholder
approvals, the potential for unexpected costs and expenses such that
the Corporation will not have sufficient funds to complete a
Liquidation Distribution upon the completion of the transactions
contemplated herein, the possibility that the Plan of Liquidation is
not put into effect by the Board and the ability of a claimant, in
certain circumstances, to make claims after the Corporation is
dissolved that may be satisfied through the Liquidation Distribution
from the Shareholders up to 2 years after the date of dissolution.
The forward-looking statements contained herein are based on certain key
expectations and assumptions of the Corporation which are subject to
change. Although the Corporation considers these assumptions to be
reasonable based on information currently available to it, they may
prove to be incorrect.
You are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date hereof. The Corporation
does not undertake to release publicly any revisions to these
forward-looking statements to reflect events or circumstances that
occur after the date hereof or to reflect the occurrence of
unanticipated events, except as may be required under applicable
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Garneau Inc.
For further information:
Acting President and CEO
Project and Communications Manager
Phone: (780) 974-8286
Fax: (780) 955-7715