CALGARY, June 28, 2016 /CNW/ - Trimac Transportation Ltd. ("Trimac") (TSX:TMA) today announced that it has obtained the necessary shareholder approvals to proceed with the arrangement under the Business Corporations Act (Alberta) pursuant to which Trimac is to be privatized. At a special meeting of Trimac shareholders held today, the shareholders passed a special resolution approving the arrangement, with over 97% of the total votes cast and over 89% of the votes cast under the minority approval requirements being in favour of the transaction.
The transaction remains subject to court approval and the completion of financing arrangements and is anticipated to be completed on June 30, 2016. Under the transaction all of the shareholders of Trimac, other than those participating in the privatization, will receive $6.25 cash for each of their Trimac shares.
About Trimac: Trimac provides bulk trucking services with operations from coast to coast in Canada and United States. In addition, through National Tank Services, Trimac provides maintenance and tank-trailer cleaning services for both the Trimac fleet and for third party commercial customers. Trimac also provides third party transportation logistics services through its wholly owned subsidiary Bulk Plus Logistics.
SOURCE Trimac Transportation Ltd.
For further information: Matt Faure, Chief Executive Officer, Trimac Transportation Services Inc., Telephone: 403-298-5100; Edward V. Malysa, President & Chief Operating Officer, Trimac Transportation Services Inc., Telephone: 403-298-5100; Scott D. Calver, Vice President & Chief Financial Officer, Trimac Transportation Services Inc., Telephone: 403-298-5100