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Yellow Pages Limited Announces Approval of the Arrangement at Special Meeting
Yellow Pages Limited Announces Approval of the Arrangement at Special Meeting Canada Ne...
About this update from Yellow Pages Ltd.
[{"type":"text","content":"\n \n \n \n Yellow Pages Limited Announces Approval of the Arrangement at Special Meeting\n \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 Canada NewsWire\n \n \n \n \n \n MONTREAL\n \n ,\n \n \n Nov. 30, 2023\n \n \n /CNW/ - 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\n \n Business Corporation Act\n \n (\n \n British Columbia\n \n ) (the \"Arrangement\") at a special meeting of the Shareholders held earlier today (the \"Meeting\").\n \n \n The special resolution approving the Arrangement was approved by\n \n 99.85%\n \n of the votes cast by Shareholders present virtually or represented by proxy at the Meeting.\n \n \n Under the Arrangement, the Company will repurchase from Shareholders\n \n pro rata\n \n an aggregate of 4,440,497 common shares at a purchase price of\n \n $11.26\n \n per share, which represents the volume weighted average price for the five consecutive trading days ending the trading day immediately prior to\n \n October 19, 2023\n \n . 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\n \n $12 million\n \n during the year ending\n \n December 31, 2023\n \n , bringing 2023 cash payments to the Pension Plan's wind-up deficit to\n \n $18 million\n \n by the end of the year.\n \n \n The Arrangement remains subject to the receipt of the approval of the Supreme Court of\n \n British Columbia\n \n (the \"Court\"). The Court hearing for obtaining a final order approving the Arrangement is currently scheduled to take place on\n \n December 5, 2023\n \n and the Arrangement is expected to close on\n \n December 12, 2023\n \n .\n \n \n Additional information regarding the terms of the Arrangement is set out in the Company's management proxy circular dated\n \n October 27, 2023\n \n , which is available u...