Onex Announces Change to MVS Shareholder Proposal
March 27 2023 - 7:30AM
Onex Corporation (TSX: ONEX) today announced a change to the
Multiple Voting Shares (MVS) amendment proposal for shareholder
consideration at the company’s next Annual Meeting of Shareholders.
As previously announced in connection with Onex’
leadership succession plan, shareholders will be asked to consider
an amendment which would add a sunset provision to the current
voting entitlement of the MVS. Following consultation with
shareholders, the proposed sunset provision will be reduced to a
period of three years, from a period of five years as previously
communicated.
If shareholders approve the proposal, an “Event
of Change” will be deemed to have occurred three years after the
effective date of the Articles Amendment even if Mr. Schwartz is
still Chair and still holds more than 5,000,000 Subordinate Voting
Shares.
“I am grateful to shareholders for their
continued support and for providing feedback on the voluntary
proposal,” said Gerry Schwartz, Chairman and Chief Executive
Officer. “Onex is committed to increasing shareholder value on an
expeditious timeline and acting in the best interest of the
organization and its owners. I am confident that shareholders will
see the merits of the proposal. The Board of Directors has full
confidence in Bobby Le Blanc and looks forward to the continued
execution of our strategic plan.”
The Information Circular for the Annual Meeting
of Shareholders is expected to be filed on or around April 11,
2023.
About Onex
Onex is an investor and asset manager that
invests capital on behalf of Onex shareholders and clients across
the globe. Formed in 1984, we have a long track record of creating
value for our clients and shareholders. Onex’ two primary
businesses are Private Equity and Credit. In Private Equity, we
raise funds from third-party investors, or limited partners, and
invest them, along with Onex’ own investing capital, through the
funds of our private equity platforms, Onex Partners and ONCAP.
Similarly, in Credit, we raise and invest capital across several
private credit, public credit and public equity strategies. Our
investors include a broad range of global clients, including public
and private pension plans, sovereign wealth funds, insurance
companies and family offices. In total, Onex has
US$50.8 billion in assets under management, of which
US$7.9 billion is Onex’ own investing capital. With offices in
Toronto, New York, New Jersey, Boston and London, Onex and its
experienced management teams are collectively the largest investors
across Onex’ platforms.
Onex is listed on the Toronto Stock Exchange
under the symbol ONEX. For more information on Onex, visit its
website at www.onex.com. Onex’ security filings can also be
accessed at www.sedar.com.
Forward-Looking Statements
This press release may contain, without
limitation, statements concerning possible or assumed future
operations, performance or results preceded by, followed by or that
include words such as “believes”, “expects”, “potential”,
“anticipates”, “estimates”, “intends”, “plans” and words of similar
connotation, which would constitute forward-looking statements.
Forward-looking statements are not guarantees. The reader should
not place undue reliance on forward-looking statements and
information because they involve significant and diverse risks and
uncertainties that may cause actual operations, performance or
results to be materially different from those indicated in these
forward-looking statements. Except as may be required by Canadian
securities law, Onex is under no obligation to update any
forward-looking statements contained herein should material facts
change due to new information, future events or other factors.
These cautionary statements expressly qualify all forward-looking
statements in this press release.
For
Further
Information:
Jill Homenuk Managing Director – Shareholder
Relations and CommunicationsTel: +1 416.362.7711
Zev KormanVice President – Shareholder Relations
and CommunicationsTel: +1 416.362.7711
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