TORONTO, Feb. 28, 2014 /CNW/ - McVicar Industries Inc. ("McVicar") (TSXV symbol MCV) announces today that the date for its previously
announced special meeting of shareholders has been rescheduled from
March 31st, to April 29th, 2014.
The rescheduling of the meeting is to allow sufficient time for Evans &
Evans, Inc. to complete the formal valuation of McVicar and their
opinion as to the fairness, from the financial point of view,
(collectively the "Valuation") of the previously announced, proposed amalgamation (the "Amalgamation") of McVicar with 1909734 Ontario Limited, a wholly owned subsidiary of
GC Consulting & Investment Corp. ("GCCI"), a corporation controlled by Dr. Gang Chai, McVicar's chief executive
The Valuation is being prepared in accordance with Multilateral
Instrument 61-101 - Protection of Minority Security Holders in Special Transactions of the Canadian Securities Administrators and under the supervision of
the Special Committee of the McVicar Board. The Valuation will form the
basis of the Special Committee's recommendation as to whether
shareholders of McVicar should approve the Amalgamation.
As previously disclosed, upon completion of the Amalgamation, if
approved, shareholders of McVicar (other than shareholders who exercise
their dissent and appraisal rights under s. 185 of the Business Corporations Act (Ontario) and GCCI and related parties of GCCI) will effectively
receive a cash consideration of $0.50 per McVicar share and GCCI will
have effectively acquired 100% of the issued shares of McVicar.
McVicar Industries Inc., headquartered in Toronto, Canada, is focused on
investments and acquisitions of businesses in China. At present,
McVicar has operations in both electronic components and specialty
chemicals in three operations in China.
This news release contains forward-looking information which is not
comprised of historical facts. Forward-looking information involves
risks, uncertainties and other factors that could cause actual events,
results, performance, prospects and opportunities to differ materially
from those expressed or implied by such forward-looking information.
The words "may", "will", "could", "should", "would", "believe", "plan",
"anticipate", "estimate", "expect", "intend", and "objective" (or the
negatives thereof), and words and expressions of similar import, are
intended to identify forward-looking information, which may include
statements made in this news release regarding the Amalgamation,
shareholder and regulatory approvals, and McVicar's plans following
completion of the Amalgamation. Factors that could cause actual results
to differ materially from such forward-looking information include, but
are not limited to, inability to obtain shareholder and/or regulatory
approval of the Amalgamation, the Amalgamation not being completed for
any other reason, and receipt by the Special Committee of an
unfavourable formal valuation and/or fairness opinion. McVicar believes
that the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, for example, that
McVicar will obtain all necessary approvals for the Amalgamation, the
Merger Agreement will not be terminated, and the Amalgamation will be
completed as currently contemplated. Nevertheless, undue reliance
should not be placed on such information, which only applies as of the
date of this news release, and no assurance can be given that such
events will occur in the disclosed time frames or at all. McVicar
disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information,
future events or otherwise, other than as required by applicable
Neither the 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: McVicar Industries Inc.
For further information:
Ms. eXavier Peterson or Dr. Gang Chai, Chief Executive Officer, Tel: (416) 366-7420; email@example.com