Readers are referred to the section "Forward-Looking Statements"
at the end of this release. All figures are expressed in Canadian
dollars.
MONTRÉAL, Feb. 11, 2020 /CNW
Telbec/ - Power Corporation of Canada ("Power Corporation" or "PCC") (TSX:
POW) today announced that Power Financial Corporation ("Power
Financial" or "PFC") received, at the special meeting (the
"Meeting") of the holders of PFC's common shares (the "PFC
Shareholders") held today, the required shareholder approvals for
the previously announced reorganization transaction (the
"Reorganization") pursuant to which each common share of PFC held
by PFC Shareholders other than PCC and its wholly owned
subsidiaries will be exchanged for 1.05 subordinate voting shares
of PCC and $0.01 in cash.
At the Meeting, 85.79% of the eligible PFC common shares were
voted, with 91.03% of the common shares being voted in favour of
the Reorganization (63.20% excluding the votes of interested
parties in accordance with securities laws).
The final hearing of the Ontario Superior Court of Justice
(Commercial List) to approve the Reorganization and issue the final
order is scheduled to take place on February
12, 2020. Subject to receipt of the final order and the
satisfaction of all other conditions to the Reorganization, the
closing of the Reorganization is expected to occur on February 13, 2020.
About Power Corporation
Power Corporation of Canada is
a diversified international management and holding company with
interests in companies in the financial services, asset management,
sustainable and renewable energy, and other business sectors in
North America, Europe and Asia. To learn more, visit
www.PowerCorporation.com.
Forward-Looking Statements
Certain statements in this news release, other than statements
of historical fact, are forward-looking statements based on certain
assumptions and reflect PCC's current expectations. Forward-looking
statements are provided to present information about management's
current expectations and plans relating to the future and the
reader is cautioned that such statements may not be appropriate for
other purposes. These statements include, without limitation,
statements regarding the timing of the final hearing and the timing
of the closing of the Reorganization.
By its nature, this information is subject to inherent risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. A variety of factors, many of
which are beyond PCC's control, affect the operations, performance
and results of PCC and its subsidiaries and businesses, and could
cause actual results to differ materially from current expectations
of estimated or anticipated events or results. These factors
include, but are not limited to: the impact or unanticipated impact
of general economic, political and market factors in North America and internationally,
fluctuations in interest rates, inflation and foreign exchange
rates, monetary policies, business investment and the health of
local and global equity and capital markets, management of market
liquidity and funding risks, risks related to investments in
private companies and illiquid securities, risks associated with
financial instruments, changes in accounting policies and methods
used to report financial condition (including uncertainties
associated with significant judgments, estimates and assumptions),
the effect of applying future accounting changes, business
competition, operational and reputational risks, technological
changes, cybersecurity risks, changes in government regulation and
legislation, changes in tax laws, unexpected judicial or regulatory
proceedings, catastrophic events, PCC's and its subsidiaries'
ability to complete strategic transactions, integrate acquisitions
and implement other growth strategies and PCC's success in
anticipating and managing the foregoing factors.
The reader is cautioned to consider these and other factors,
uncertainties and potential events carefully and not to put undue
reliance on forward-looking statements. Information contained in
forward-looking statements is based upon certain material
assumptions that were applied in drawing a conclusion or making a
forecast or projection, including management's perceptions of
historical trends, current conditions and expected future
developments, that the final order and the other conditions to the
Reorganization will be satisfied, the closing date for the
Reorganization, as well as other considerations that are believed
to be appropriate in the circumstances, including that the list of
factors in the previous paragraph, collectively, are not expected
to have a material impact on PCC and its subsidiaries. While PCC
considers these assumptions to be reasonable based on information
currently available to management, they may prove to be
incorrect.
Other than as specifically required by applicable Canadian law,
PCC undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which such statement is made, or to reflect the occurrence of
unanticipated events, whether as a result of new information,
future events or results, or otherwise.
Additional information about the risks and uncertainties of
PCC's business and material factors or assumptions on which
information contained in forward-looking statements is based is
provided in its disclosure materials, including each of its most
recent Management's Discussion and Analysis and Annual Information
Form, filed with the securities regulatory authorities in
Canada and available at
www.sedar.com.
SOURCE Power Corporation of Canada