QUEBEC CITY, Dec. 23 /CNW Telbec/ - EnGlobe Corp. ("EnGlobe" or the "Corporation") (TSX: EG), today announced that its shareholders have approved the transactions
described in the plan of arrangement, announced on November 12, 2010,
involving the acquisition by 7697295 Canada Limited (the "Acquiror"), a wholly-owned subsidiary of ONCAP II L.P., of all the common shares
of the Corporation (the "Common Shares").
Pursuant to the special meeting of shareholders, the shareholders of the
Corporation have adopted a special resolution (the "Arrangement Resolution") approving the arrangement agreement pursuant to which EnGlobe will be
going private. The holders of Common Shares will receive $0.265 per
Common Share and series 2 and series 3 preferred shares will be
exchanged for equivalent preferred shares in the share capital of the
The Arrangement Resolution was approved by more than 87% of the votes
cast by holders of Common Shares present in person or represented by
proxy; by more than 81% of the votes cast by holders of the Common
Shares present in person or represented by proxy other than by the
Acquiror and any interested party; by 100 % of the votes cast by
holders of the series 2 preferred shares of the Corporation present in
person or represented by proxy and by 100 % of the votes cast by
holders of the series 3 preferred shares of the Corporation present in
person or represented by proxy.
An application for the final order approving the plan of arrangement
will be heard by the Superior Court of Québec on or about January 10,
About EnGlobe Corp.
EnGlobe Corp. is a leading international integrated environmental
services company specializing in the management of contaminated soils
and organic based waste streams, with an emphasis on beneficial reuse.
EnGlobe offers cost-effective solutions to municipal, commercial and
industrial clients in Canada, the north-eastern United States, the
United Kingdom and France through its divisions and subsidiaries:
Biogénie, Biogénie Europe SAS, Biogénie Site Remediation Limited and
Celtic Technologies Limited for site assessment and remediation, GSI
Environment Inc. for organic waste management, and Tanknology Canada
Inc. for tank testing and calibration. Shares of EnGlobe trade on the
Toronto Stock Exchange under the ticker symbol EG. Additional
information is available at www.englobecorp.com.
This press release contains certain forward-looking statements. Such
statements relate to, among other things, sales growth, expansion and
growth of the Corporation's business, future capital expenditures and
the Corporation's business strategy. Forward-looking statements are
subject to inherent uncertainties and risks including, but not limited
to: general industry and economic conditions, changes in the
Corporation's relationships with its suppliers, pricing pressures and
other competitive factors, the availability and costs of fuels and
utilities, the results of the Corporation's ongoing efforts to improve
cost effectiveness, changes in regulatory requirements affecting the
Corporation's business and the availability and terms of financing.
Other Risk Factors are set out and described in the Corporation's
Annual Information Form which is available at www.sedar.com.
Consequently, actual results and events may vary significantly from
those included in, contemplated by or implied by such forward-looking
statements. In evaluating forward-looking statements, readers should
specifically consider the various factors that could cause actual
events or results to differ materially from such forward-looking
SOURCE ENGLOBE CORP.
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