Business
Yellow Pages Limited Files Management Proxy Circular for Special Meeting of Shareholders and Announces Receipt of Interim Order
Yellow Pages Limited Files Management Proxy Circular for Special Meeting of Shareholders and Anno...
About this update from Yellow Pages Ltd.
[{"type":"text","content":"\n \n \n \n Yellow Pages Limited Files Management Proxy Circular for Special Meeting of Shareholders and Announces Receipt of Interim Order\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 \n MONTREAL\n \n \n ,\n \n \n Oct. 31, 2023\n \n \n /CNW/ - Yellow Pages Limited (TSX: Y) (the \"Company\"), a leading Canadian digital media and marketing company, today announced that it has filed and is in the process of mailing the management proxy circular (the \"\n \n Circular\n \n \") and related materials for the special meeting (the \"\n \n Meeting\n \n \") of the Company's shareholders (the \"\n \n Shareholders\n \n \") to approve the previously announced arrangement under the\n \n Business Corporation Act\n \n (\n \n British Columbia\n \n ) (the \"\n \n Arrangement\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 , all as more particularly described in the Circular. Under the Arrangement, the Company will also advance the previously announced voluntary incremental cash contributions to the Company's defined benefit pension plan's (the \"\n \n Pension Plan\n \n \") 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 is subject to the approval of at least 66 2/3% of the votes cast by Shareholders at the Meeting. Shareholders holding in excess of 77% of the outstanding shares have agreed with the Company to vote in favor of the Arrangement. The Arrangement is also subject to the receipt of the approval of the Supreme Court of\n \n British Columbia\n \n (the \"\n \n Court\n \n \").\n \n \n \n Board Recommen...