TRADING SYMBOL: Toronto Stock Exchange - HWD
LANGLEY, BC, March 19, 2013 /CNW/ - Hardwoods Distribution Inc. (the "Company") announces the approval and adoption by its board of directors of an advance notice by-law, the purpose of which is to require advance notice to be provided to the Company in circumstances where nominations of persons for election to the board are made by shareholders of the Company other than pursuant to: (i) a requisition of a meeting of shareholders made pursuant to the provisions of the Canada Business Corporations Act; or (ii) a shareholder proposal made pursuant to the provisions of that Act.
The purpose of the by-law is to provide shareholders, directors and management of the Company with a clear framework for nominating directors. Among other things, the by-law fixes a deadline by which holders of common shares of the Company must submit nominations to the Company prior to any annual or special meeting of shareholders and sets forth the minimum information that a shareholder must include in the notice to the Company for the notice to be in proper written form.
In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.
In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.
The by-law is effective immediately and will be placed before shareholders for ratification at the upcoming annual and special meeting of shareholders of the Company scheduled for May 22, 2013. A copy of the by-law has been filed under the Company's profile at www.sedar.com.
About Hardwoods Distribution Inc.
Hardwoods (TSX: HWD) is one of North America's largest wholesale distributors of hardwood lumber and related sheet good products, operating a network of 31 distribution centers in the U.S. and Canada.
SOURCE: Hardwoods Distribution Inc.
For further information:
Chief Financial Officer
Phone: (604) 881-1990
Fax: (604) 881-1995