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 Acquiror.
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, 2011.
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 statements.
For further information: For further information: