Toronto Stock Exchange Symbol: WXX
BURLINGTON, ON, Aug. 24 /CNW/ - West 49 Inc. ("West 49" or the "Company") (TSX: WXX) announced today that its securityholders overwhelmingly approved the proposed plan of arrangement involving the Company and Aurora Inc., a wholly-owned subsidiary of Billabong International Limited.
At a special meeting held in Toronto earlier today, securityholders approved the transaction, with over 99.9% of the votes cast in favour. The completion of the transaction will result in holders of common shares and preferred shares receiving Cdn$1.30 in cash per share held (and holders of the Company's preferred shares will also receive accrued and unpaid dividends on their preferred shares), less any amounts withheld from non-resident securityholders on account of taxes, as applicable.
The transaction is subject to final Court approval, which is expected to be sought this Thursday, August 26, 2010, and other customary closing conditions. The transaction is currently expected to close in late August or early September 2010. Details of the transaction, including a copy of the plan of arrangement, are contained in the management information circular of the Company dated July 26, 2010, which can be found at www.sedar.com.
West 49 Inc. is a leading Canadian specialty retailer of apparel, footwear, accessories and equipment related to the youth action sports lifestyle. The Company's stores, which are primarily mall-based, carry a variety of high-performance, premium brand name and private label products that fulfill the lifestyle needs of identified target markets, primarily tweens and teens. At May 1, 2010, the Company operated 138 stores in nine provinces, under the banners West 49, Billabong, Off The Wall, Amnesia/Arsenic and D-Tox. The Company's common shares are listed on the Toronto Stock Exchange under the symbol WXX. The Company has approximately 64 million common shares outstanding.
Certain statements in this release may be considered forward-looking statements, which reflect the board and management's current beliefs and expectations and which involve assumptions about expected future events or results that are subject to inherent risks and uncertainties. There is significant risk that assumptions and other forward-looking statements will not prove to be accurate. Many factors could cause actual future results, conditions or events to differ materially from the results or outcomes expressed, including risks related to competition, changes in demographic trends, changes in consumer preferences and discretionary spending patterns, changes in business and economic conditions, human resource matters, legal proceedings, challenges to intellectual property rights, availability of credit facilities, and changes in laws, regulations, and accounting policies and practices. The foregoing list of factors is not exhaustive. Accordingly, investors should not place undue reliance on forward-looking information. The Company includes in publicly available documents filed from time to time with securities commissions and the Toronto Stock Exchange, a thorough discussion of the risk factors that can cause anticipated outcomes to differ from actual outcomes. Forward-looking information is provided as of the date of this news release only, it should not be relied upon as of any other date, and the Company assumes no obligation to update or revise this information to reflect new events or circumstances, except as expressly required by law. There can be no assurance that the Billabong transaction, or any other transaction, will be completed.
SOURCE WEST 49 INC.
For further information: For further information: Rhonda Biddix, Chief Financial Officer and Corporate Secretary, West 49 Inc., (905) 336-5454 ext. 224, E-mail: email@example.com; Lawrence Chamberlain, Investor Relations, The Equicom Group Inc., (416) 815-0700 ext. 257, E-mail: firstname.lastname@example.org