Stoneway Announces Change to Meeting Date and Other Key Dates in Connection with Restructuring Transaction

TORONTO, Dec. 14, 2020 /CNW/ - Stoneway Capital Corporation ("Stoneway" and, together with its subsidiary and parent entities, the "Company") announced today that the meeting (the "Noteholders' Meeting") of holders ("Noteholders") of the Company's outstanding 10.000% senior secured notes due 2027 (the "Existing Notes") to consider and vote upon its previously disclosed plan of arrangement (as amended, the "Plan of Arrangement") to implement the Company's proposed restructuring transaction (the "Transaction") will now be held at 12:00 p.m. (Toronto time) on December 28, 2020. 

The Noteholders' Meeting will be held virtually via live audio webcast, available online using the Zoom meeting platform. Registration must be completed prior to attending the Noteholders' Meeting at https://zoom.us/webinar/register/WN_DIhCT6TBTRuvys5rgBf3ag.

Noteholders who have already submitted their proxies or voting instructions in respect of the Plan of Arrangement do not need to re-submit their votes.  For Noteholders who have not submitted their proxies or voting instructions, or who wish to change their votes, the proxy cut-off time in respect of the Noteholders' Meeting has been changed to 5:00 p.m. (Toronto time) on December 24, 2020.

Banks, brokers or other intermediaries that hold the Existing Notes on a Noteholder's behalf may have internal deadlines that require Noteholders to submit their votes by an earlier date in advance of the proxy cut-off time, as applicable, and may have internal requirements for the submission of voting instructions. Noteholders are encouraged to contact their intermediaries directly to confirm any such internal deadline or voting instruction requirements.

In connection with the rescheduling of the Noteholders' Meeting, the Company has also rescheduled the date of its hearing before the Ontario Superior Court of Justice (Commercial List) to seek a court order approving the Plan of Arrangement (as it may be amended) to January 4, 2021.

The Company will announce the effective date of the Plan of Arrangement (the "Effective Date") in a subsequent press release once it has been determined. As a reminder, each Noteholder is required to make a valid election through ATOP certifying whether it is a "Qualified Holder" or a "Non-Qualified Holder" (as such terms are defined in the management information circular of the Company dated October 13, 2020, as supplemented on November 2, 2020 and November 25, 2020) prior to 10:00 a.m. (Toronto time) on the third business day prior to the Effective Date (the "Election Deadline"). For now, the Election Deadline has been extended to January 7, 2021. Noteholders that fail to provide a valid ATOP election prior to the Election Deadline will be treated as Non-Qualified Holders and will be ineligible to receive the new senior secured notes to be issued by Stoneway under the Plan of Arrangement. Accordingly, you should instruct your intermediary if you are a Qualified Holder, and if so which category of Qualified Holder you fall under, or Non-Qualified Holder well in advance of the Election Deadline.

Any questions or requests for further information regarding voting at the Noteholders' Meeting or making a valid ATOP election should be directed to Kingsdale Advisors at 1-888-327-0825 or 416-867-2272, or by email at [email protected].  

About Stoneway

The Company's principal business is the construction, ownership and operation of power generation facilities located in Argentina. 

FORWARD LOOKING STATEMENTS: Certain information contained in this press release may contain forward looking statements within the meaning of applicable securities laws. The use of any of the words "continue", "plan", "propose", "would", "will", "believe", "expect", "position", "anticipate", "improve", "enhance" and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this document contains forward-looking statements concerning: the expected process and timing for implementing the Transaction; the holding and timing of, and matters to be considered at, the Noteholders' Meeting as well as with respect to voting at the Noteholders' Meeting; the deadlines for submitting proxies and voting instructions; the scheduling of the Noteholders' Meeting; the matters to be considered at and voted on the Noteholders' Meeting; and the expected closing date of the Transaction, Effective Date and Election Deadline.

Forward-looking statements necessarily involve risks, including, without limitation, risks associated with the ability of the Company to implement the Transaction on the terms described in this press release and in previous announcements, the ability of Stoneway to receive all necessary court, third party and stakeholder approvals in order to complete the Transaction; the matters to be considered and voted on at the Noteholders' Meeting; the ability of the Company to operate in the ordinary course during the proceedings under the Canada Business Corporations Act, including with respect to satisfying obligations to service providers, suppliers, contractors and employees; the ability of the Company to continue as a going concern; the ability of the Company to continue to realize its assets and discharge its liabilities and commitments; the Company's future liquidity position and access to capital to fund ongoing operations and obligations (including debt obligations); and the ability of the Company to stabilize its business and financial condition.

Although the Company bases its forward-looking statements on assumptions believed to be reasonable when made, they are not guarantees of future performance and actual results of operations, financial condition and liquidity, and developments in the industry in which the Company operates, may differ materially from any such information and statements in this news release.  Other unknown or unpredictable factors also could harm the Company's future results. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as at the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

SOURCE Stoneway Capital Corporation

David Mack, Director, [phone] (x06), 410 Park Avenue, Suite 900, New York, NY 10022; Juan I. Sánchez Alcázar, Chief Restructuring Officer, Av. Del Libertador 498, 15th floor, Buenos Aires (C1001ABR), Argentina