Business
Horizon North Logistics Inc. Announces Mailing of Management Information Circular, Reconfirmation of Board Recommendations
Horizon North Logistics Inc. Announces Mailing of Management Information Circular, Reconfi...
About this update from Dexterra Group, Inc.
[{"type":"text","content":"\n\n\n\nHorizon North Logistics Inc. Announces Mailing of Management Information Circular, Reconfirmation of Board Recommendations\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, April 30, 2020\n\n\n\nCALGARY, April 30, 2020 /CNW/ - Horizon North Logistics Inc. (\"Horizon North\" or the \"Corporation\") (TSX: HLN.TO) today announces that it has mailed a management information circular dated April 23, 2020 and related voting materials (the \"Meeting Materials\") to holders (\"Shareholders\") of common shares (\"Horizon Shares\"), in respect of the special meeting of Shareholders to be held at 10:00 a.m. (Calgary time) on May 26, 2020 (the \"Meeting\").  \n\n \n \n \n \n \n \n\n \nThe Meeting has been called to approve the issuance of Horizon Shares, and other related matters, in connection with the previously announced transaction (the \"Transaction\") with 10647802 Canada Limited, operating as Dexterra Integrated Facilities Management (\"Dexterra\"), a subsidiary of Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) (\"Fairfax Financial\"). Pursuant to the Transaction, Horizon North will acquire all of the issued and outstanding shares of Dexterra in exchange for such number of Horizon Shares such that upon completion of the Transaction, Fairfax Financial will control 49% of Horizon Shares on a fully-diluted basis.\nThe Transaction\nThe Transaction is expected to create a leading support services company in Canada with a diversified portfolio of value-added services, end-markets and geographies, with the scale, capability and access to talent which will allow it to deliver on significant future growth opportunities. The Transaction will also result in significant cost savings and cross selling opportunities that will benefit all of Horizon North's stakeholders, including Shareholders, employees, partners and customers. Upon closing of the Transaction, existing Shareholders will own a 51% equity stake in the combined company.\nHolders of approximately 21.39% of the outstanding Horizon Shares (which includes each of the direc...