Business
Power Corporation Announces Receipt of Power Financial Shareholder Approval of Reorganization Transaction
Power Corporation Announces Receipt of Power Financial Shareholder Approval of Reorganizat...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\n\nPower Corporation Announces Receipt of Power Financial Shareholder Approval of Reorganization Transaction\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\nMONTRÉAL, Feb. 11, 2020\n\n\n\n\n Readers are referred to the section \"Forward-Looking Statements\" at the end of this release. All figures are expressed in Canadian dollars. \n 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. \nAt 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). \nThe 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.\nAbout Power Corporation\nPower 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.\nForward-Looking Statements\nCertain statements in this news release, other than statements of historical fact, are forward-looking statements based on certain ass...