MONTRÉAL, Feb. 11, 2019 /CNW/ - 5N Plus Inc. (TSX:VNP) ("5N Plus" or the "Company"), a leading global producer of engineered materials and specialty chemicals, announces that, at a special meeting of its shareholders held today in Montreal, Quebec (the "Meeting"), shareholders voted to approve the following resolution (reproduced in its entirety in the Company's Management Proxy Circular dated January 11, 2019):
- The stated capital of the common shares of 5N Plus be reduced to US$5 million and the amount of the reduction be added to the contributed surplus of the Company pursuant to Section 38(1) of the Canada Business Corporation Act (the "Stated Capital Reduction").
Richard Perron, Chief Financial Officer, commented "The Company believes that the reduction of stated capital will benefit the Company on a go-forward basis by providing more flexibility in managing its capital structure, including its ability to pay dividends and repurchase common shares." Mr. Perron added "The reduction of stated capital will not result in any change to shareholders' equity as presented in the Company's financial statements and therefore will not affect the Company's book value." Mr. Perron concluded "The reduction of stated capital will also have no impact on the day-to-day operations of the Company and will not, on its own, alter the financial condition of the Company."
The resolution regarding the Stated Capital Reduction was approved by holders representing approximately 82.54% of 5N Plus' common shares who voted on the resolution. Final voting results of the Meeting will be filed with the Canadian securities regulators at www.SEDAR.com.
About 5N Plus Inc.
5N Plus is a leading global producer of engineered materials and specialty chemicals with integrated recycling and refining assets to manage the sustainability of its business model. The Company is headquartered in Montreal, Québec, Canada and operates R&D, manufacturing and commercial centers in several locations in Europe, the Americas and Asia. 5N Plus deploys a range of proprietary and proven technologies to produce products which are used as enabling precursors by its customers in a number of advanced electronics, optoelectronics, pharmaceutical, health, renewable energy and industrial applications. Many of the materials produced by 5N Plus are critical for the functionality and performance of the products and systems produced by its customers, many of whom are leaders within their industry.
Forward-Looking Statements and Disclaimer
This press release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of historical facts contained in this press release are forward-looking information. Such statements and information may be identified by words such as "about", "approximately", "may", "believes", "expects", "will", "intends", "should", "plans", "predicts", "potential", "projects", "anticipates", "estimates", "continues" or similar words or the negative thereof or other comparable terminology. Forward-looking statements are based on the best estimates available to 5N Plus at this time and involve known and unknown risks, uncertainties and other factors that may cause 5N Plus' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. A description of the risks affecting 5N Plus' business and activities appears under the heading "Risk and Uncertainties" of 5N Plus' 2017 MD&A dated February 20, 2018 and note 12 of the unaudited condensed interim consolidated financial statements for the three and nine-month periods ended September 30, 2018 and 2017 available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that 5N Plus will derive therefrom. In particular, no assurance can be given as to the future financial performance of 5N Plus. The forward-looking information contained in this press release is made as of the date hereof and 5N Plus undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these forward-looking statements.
SOURCE 5N Plus Inc.
For further information: Jean Mayer, Vice President, Legal Affairs, also in charge of investor relations, 5N Plus Inc., (514) 856-0644 x6178, [email protected]