MONTREAL, Sept. 23,
2022 /CNW Telbec/ - Yellow Pages Limited
(TSX: Y) (the "Company"), a
leading Canadian digital media and marketing company,
today announced that the shareholders of the Company (the
"Shareholders") approved the Company's previously announced
arrangement under the Business Corporation Act (British Columbia) (the "Arrangement") at a
special meeting of the Shareholders held earlier today (the
"Meeting").
The special resolution approving the Arrangement was approved by
99.57% of the votes cast by Shareholders present virtually or
represented by proxy at the Meeting.
Under the Arrangement, the Company will repurchase from
Shareholders pro rata an aggregate of 7,949,125 common
shares at a purchase price of $12.58
per share, which represents the volume weighted average price for
the five consecutive trading days ending the trading day
immediately prior to
August 5, 2022. The Company will also
advance the previously announced voluntary incremental cash
contributions to the Company's defined benefit pension plan's (the
"Pension Plan") wind-up deficit by an amount of $24 million during the year ending December 31, 2022, bringing 2022 cash payments to
the Pension Plan's wind-up deficit to $30
million by the end of the year.
The Arrangement remains subject to the receipt of the approval
of the Supreme Court of British
Columbia (the "Court"). The Court hearing for obtaining a
final order approving the Arrangement is currently scheduled to
take place on September 27, 2022, and
the Arrangement is expected to close on
October 4, 2022.
Additional information regarding the terms of the Arrangement is
set out in the Company's management proxy circular dated
August 26, 2022, which is available
under the Company's profile at www.sedar.com and on the Company's
website at www.corporate.yp.ca.
About Yellow Pages Limited
Yellow Pages Limited (TSX: Y) is a Canadian
digital media and marketing
company that creates opportunities
for buyers and sellers to interact and transact in the local economy. Yellow Pages
holds some of Canada's leading local online properties including YP.ca, Canada411 and 411.ca.
The
Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print
directories. For more information visit www.corporate.yp.ca.
Caution Concerning Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of applicable
securities laws. These statements are forward-looking as they are
based on our current expectations, as at
September 23,
2022, about our business, and on
various estimates and assumptions that are current,
reasonable and
complete. Our actual results could materially differ from our expectations
if known or unknown risks affect our business, or if our estimates or assumptions
turn out to be
inaccurate. As a result, there is no
assurance that any forward-looking statements will materialize.
Risks that could cause our results
to differ materially from
our current expectations are discussed in
section 5 of our August
4, 2022 Management's Discussion and Analysis. We disclaim any intention or obligation
to update any forward-looking statements, except as required by law, even if new information
becomes available, as a result of
future events or for any other reason.
SOURCE Yellow Pages Limited