VANCOUVER, April 11, 2013 /CNW/ - Granville Pacific Capital Corporation ("Granville"TSXV: GE) announces the completion of the acquisition by H&H Total Care Services Inc. ("H&H") of all of the issued and outstanding common shares of Granville other than common shares held by H&H and Hendrik Van Ryk, Sr., effective today, by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (Alberta).
A final order of the Court of Queen's Bench of Alberta was obtained on April 10, 2013 in respect of the Arrangement, which followed Granville's annual and special meeting held on the same date, wherein the special resolution approving the Arrangement was approved by not less than two-thirds of the votes cast by holders of common shares and preferred shares of Granville, voting as a separate class, present in person or represented by proxy at the meeting. The special resolution also received "majority of the minority" approval under Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions.
Shareholders of Granville will receive C$0.08 in cash for each common share (each, a "Share") of Granville held. Registered shareholders should follow the instructions in Granville's management information circular dated March 11, 2013 in order to obtain the cash consideration in respect of their Shares.
The Shares were halted from trading on the TSX Venture Exchange on April 11, 2013 and will be voluntarily delisted from the TSX Venture Exchange in the near future. Granville will also apply to terminate its status as a reporting issuer in certain provinces of Canada.
Granville is involved in the business of the acquisition and operation of senior citizens' lodging, care facilities and mental health facilities. Granville is a publicly-traded company and trades under the symbol "GE" on the TSX Venture Exchange. More information on the company and its operations is available under Granville's public profile on SEDAR at www.sedar.com.
Except for statements of historical fact, this news release contains certain 'forward-looking information' and 'forward-looking statements' within the meaning of applicable securities laws. Such forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to vary materially from the anticipated results or events predicted in these forward-looking statements, including the failure to delist the Shares on a timely basis, if at all, the impact of general economic conditions, industry conditions, governmental regulation, volatility of commodity prices, currency fluctuations, environmental risks, the inability to obtain required consents, permits or approvals and competition from other industry participants. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this release. Except as required by applicable law, Granville disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Granville Pacific Capital Corp.
For further information:
Andre Van Ryk
Chief Financial Officer