(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
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
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