TSX ABO.A and ABO.B
TORONTO, Nov. 16, 2012 /CNW/ - Arbor Memorial Services Inc. (TSX: ABO.A, ABO.B) ("Arbor") announced today that its shareholders have approved the previously announced arrangement pursuant to which 2341599 Ontario Limited, 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), would acquire all of the outstanding shares in the capital of Arbor. The arrangement was approved by:
- 96.23% of the 2,274,001 votes cast by the holders of Class A voting shares, voting separately as a class;
- 98.63% of the 6,749,999 votes cast by the holders of Class B non-voting shares, voting separately as a class;
- 63.64% of the 235,508 votes cast by the minority holders of Class A voting shares (shareholders other than the Equity Sponsors and their related parties), voting separately as a class; and
- 89.19% of the 855,624 votes cast by the minority holders of Class B non-voting shares (shareholders other than the Equity Sponsors and their related parties), voting separately as a class.
Implementation of the arrangement remains subject to, among other customary conditions, approval by the Ontario Superior Court of Justice at a fairness hearing which has been scheduled to be held on November 22, 2012. If court approval is obtained at the hearing, it is anticipated that the arrangement will occur on or about November 26, 2012. The arrangement remains subject to the risk factors set forth in Arbor's management information circular dated October 5, 2012.
Arbor Memorial Services Inc. owns 41 cemeteries, 27 crematoria and 92 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 court approval and other information that is not historical fact. Such forward-looking information is subject to important risks and uncertainties including, without limitation, necessary court approvals and other customary conditions. As a result of these risks and uncertainties, completion of the arrangement could be delayed or the arrangement may not be completed at all, and the results or events expressed or implied in any forward-looking information may differ materially from actual results or events. 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. Additionally, Arbor undertakes no obligation to comment on expectations of, or statements made by, third parties in respect of the arrangement.
SOURCE: Arbor Memorial Services Inc.
For further information:
Brian D. Snowdon, President and Chief Executive Officer
Telephone: (416) 763-4531