(TSX: SCL.A, SCL.B)
TORONTO, March 14, 2013 /CNW/ - ShawCor Ltd. (TSX: SCL.A, SCL.B)
("ShawCor" or the "Company") is pleased to announce the results of the
shareholder vote on the Company's previously announced plan of
arrangement whereby, among other things, ShawCor will eliminate its
dual-class share structure (the "Arrangement").
Shareholders overwhelmingly approved the proposed transaction. Details
of the voting results will be filed on SEDAR (www.sedar.com) in the near future.
ShawCor expects to apply for a final order of the Ontario Superior Court
of Justice (Commercial List) for approval of the Arrangement on Monday,
March 18, 2013, and assuming receipt of court approval and satisfaction
of other conditions of closing, ShawCor expects that the Arrangement
will close on or about March 20 or 21, 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. In addition, there can be no assurance that the proposed
transaction will be completed.
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