TORONTO, Nov. 30, 2016 /CNW/ - Sirius XM Canada Holdings Inc. ("SiriusXM Canada" or the "Company") (TSX: XSR), the parent of Sirius XM Canada Inc., announced that pursuant to the terms of the arrangement agreement (the "Arrangement Agreement") dated May 12, 2016, the parties to the Arrangement Agreement have agreed to extend the outside date by which the recapitalization go-private transaction must be completed to February 28, 2017, or such later date as may be agreed to by the parties in writing.
In addition, the Company's board of directors currently intends to declare and pay a regular dividend, in respect of the current fiscal quarter ended November 30, 2016, by no later than February 28, 2017, subject to the prevailing circumstances at such time. Additional details regarding the intended dividend declaration, including the record and payment dates will follow in a subsequent notice.
As previously disclosed, the recapitalization go-private transaction is subject to the prior approval of the Canadian Radio-television and Telecommunications Commission ("CRTC"). The Company has made all requisite filings and earlier today the CRTC issued a notice of consultation to provide members of the public with the opportunity to comment on the application by January 9, 2017.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements made in this press release are forward-looking statements. These statements include, without limitation, statements relating to proposed recapitalization of the Company in a go-private transaction and the conditions thereto, approval of the transaction by the CRTC, closing of the proposed transaction and the timing thereof, the forms of consideration available to Company shareholders, the expected timing and impact of the transaction, the declaration and payment of dividends and factors relevant thereto, and other statements that are not historical facts. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and we caution you against relying on any of these forward-looking statements. For a description of relevant assumptions and risks, please consult the Company's publicly available documents including its Circular dated July 29, 2016, its Annual Information Form dated November 16, 2016 and its Annual MD&A dated September 28, 2016 all filed with the Canadian provincial securities regulatory authorities (available at sedar.com) and which are also available on the Company's website at siriusxm.ca. The forward-looking statements contained in this press release describe our expectations at the date of this press release and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise.
About SiriusXM Canada
Sirius XM Canada Holdings Inc. (TSX: XSR) operates as SiriusXM Canada. SiriusXM Canada, with more than 2.8 million subscribers, is the country's leading audio entertainment company and broadcasts more than 130 satellite radio channels featuring premier sports, news, talk, entertainment and commercial-free music. SiriusXM Canada offers an array of content from the most recognized news, entertainment and major sports brands including the NHL, NFL, NBA, MLB, NASCAR, CNN, CBC, FOX, BBC, Howard Stern, Disney, Comedy Central and more.
SiriusXM programming is available on a variety of devices including pre-installed and after-market radios in cars, trucks and boats, smartphones and mobile devices, and consumer electronics products for homes and offices. SiriusXM programming is also available online at www.siriusxm.ca and on Apple and Android-powered mobile devices.
SiriusXM Canada has partnerships with every major automaker and its radio products are available at more than 2,500 retail locations nationwide. To find out more about SiriusXM Canada (TSX: XSR), visit our website at www.siriusxm.ca.
SiriusXM Canada has been designated one of Canada's 50 Best Managed Companies seven years in a row and is currently a Platinum Club Member, in addition to 2013, 2014 and 2015 rankings in PROFIT 500's list of Canada's Fastest Growing Companies.
SOURCE Sirius XM Canada Holdings Inc.
For further information: Odeta Kellici, SiriusXM Canada, Tel: 416-513-7476, Odeta.firstname.lastname@example.org; Kristen Dickson, NATIONAL Equicom, Tel: 416-848-1429, email@example.com; Craig MacPhail, NATIONAL Equicom, Tel: 416-586-1938, firstname.lastname@example.org