TSX ABO.A and ABO.B
TORONTO, Oct. 18, 2012 /CNW/ - Arbor Memorial Services Inc. (TSX: ABO.A, ABO.B) ("Arbor") announced today that ISS Proxy Advisory Services ("ISS"), a leading independent global proxy advisory services firm who provide analysis of proxy issues and voting recommendations to shareholders, has published a report recommending that shareholders vote FOR the special resolution approving the plan of arrangement between Arbor and 2341599 Ontario Limited (the "Purchaser"), a company sponsored by a group (the "Equity Sponsors") of existing shareholders of Arbor, comprised of Scanfield Holdings Ltd., Fairfax Financial Holdings Limited and JC Clark Ltd. (or their respective affiliates).
ISS stated, "The Arrangement is the result of arm's length negotiation of the transaction and the resulting terms among Arbor, the Purchaser and the Equity Sponsors. 100% of the consideration is payable in cash, which will provide shareholders certainty of value. In light of the thorough negotiation process, the significant premium, and the favorable market reaction, a vote FOR this resolution is warranted."
A special meeting of Arbor's shareholders is currently scheduled to be held at The Old Mill in the Guildhall Room, 21 Old Mill Road, Toronto, Ontario M8X 1G5 on November 16, 2012 commencing at 10:00 a.m. (Eastern time) to consider the transaction.
Shareholders are urged to carefully read the information circular dated October 5, 2012 that was mailed to them in connection with the transaction. Proxies must be received no later than 10:00 a.m. (Eastern time) on the day which is two business days preceding the date of the meeting or any adjournments or postponements thereof. Shareholders who have questions regarding the contents of the information circular or require assistance in completing their forms of proxy are urged to contact The Laurel Hill Advisory Group toll-free at 1-877-452-7184 or via email at [email protected].
Arbor Memorial Services Inc. owns 41 cemeteries, 27 crematoria, 8 reception centres located on cemetery premises and 83 funeral homes in eight provinces of Canada.
Cautionary statement regarding forward looking statements and information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws, including statements regarding the completion of the transaction, the holding of a shareholder meeting and other information that is not historical fact. Forward-looking information is not a guarantee of future performance, given that it involves risks and uncertainties. Except as required by law, Arbor does not assume and expressly renounces any obligation to update any forward-looking information, which are only applicable on the date on which they were made. Additionally, Arbor undertakes no obligation to comment on expectations of, or statements made by, third parties in respect of the transaction.
SOURCE: Arbor Memorial Services Inc.
For further information:
Brian D. Snowdon, President and Chief Executive Officer
Telephone: (416) 763-4531