TORONTO, Sept. 30, 2013 /CNW/ - General Donlee Canada Inc. (TSX: GDI; the "Company" or "General Donlee") announced that, at its special meeting of shareholders held today (the "Meeting"), shareholders approved the previously announced arrangement (the "Arrangement") whereby a wholly-owned subsidiary of Triumph Group, Inc. ("Triumph") will acquire all of the Company's common shares.
The Arrangement was approved by approximately 99.41% of the votes cast at the Meeting.
Completion of the Arrangement remains subject to certain conditions, including final court approval. An application seeking a final order approving the Arrangement has been scheduled to be heard at the Ontario Superior Court of Justice at 330 University Avenue, Toronto, Ontario at or around 10:00 a.m. on October 1, 2013. If the final order is granted and all other conditions precedent to the Arrangement are satisfied or waived, the Corporation expects that the Arrangement will be completed on October 4, 2013.
Further information about the Arrangement is set out in the Company's management information circular dated September 3, 2013 and the supplemental management information circular dated September 18, 2013, both of which are available on www.sedar.com.
About General Donlee
General Donlee is a leading diversified manufacturer of precision-machined products serving the commercial, military, and general aerospace industries as well as the nuclear, power generation, oil & gas and capital equipment end markets. General Donlee's operating strategy focuses on targeting niche markets for products that are aligned with its sophisticated manufacturing capabilities and skilled workforce. Further information can be found in the disclosure documents filed by General Donlee with the securities regulatory authorities, available at www.sedar.com or through the Company's website at www.generaldonlee.com.
Triumph Group, Inc. (NYSE:TGI), headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.
Forward Looking Statements
This news release contains "forward-looking information" within the meaning of Canadian securities laws. Statements containing forward-looking information which may include, but are not limited to, the Company's expectations with respect to the granting of the final order and the completion of the Arrangement and the timing related thereto and any other statements about the future expectations, beliefs, goals, plans or prospects expressed by the management or the board of directors of the Company. With respect to the forward-looking information contained in this press release, the Company has made assumptions regarding, among other things, the Company's receipt of all necessary approvals to proceed with the completion of the Arrangement and the satisfaction or waiver, as applicable, of the conditions to the acquisition agreement dated as of August 14, 2013 between the Company and Triumph. Statements containing forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be different than those expressed by such statements. Accordingly, undue reliance should not be placed on forward-looking statements. The Company does not undertake to update any forward-looking statements that are incorporated herein, except as required by applicable securities laws.
SOURCE: General Donlee Canada Inc.
For further information:
President & Chief Executive Officer
Telephone: (416) 743-4417
Robert S. Kheir, MBA, CMA
Chief Financial Officer
Telephone: (416) 743-4417