Business
Yellow Pages Limited Obtains Final Order for Arrangement from the Supreme Court of British Columbia
Yellow Pages Limited Obtains Final Order for Arrangement from the Supreme Court of British Columb...
About this update from Yellow Pages Ltd.
[{"type":"text","content":"\n \n \n \n Yellow Pages Limited Obtains Final Order for Arrangement from the Supreme Court of British Columbia\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 Dec. 5, 2023\n \n \n /CNW/ - Yellow Pages Limited (TSX: Y) (the \"Company\"), a leading Canadian digital media and marketing company, today announced that the Company has obtained a final order from the Supreme Court of\n \n British Columbia\n \n approving the Company's previously announced arrangement under the\n \n Business Corporation Act\n \n (\n \n British Columbia\n \n ) (the \"Arrangement\").\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 will become effective at\n \n 11:59 p.m. (Eastern time)\n \n on\n \n December 12, 2023\n \n (the \"Effective Date\"). On the Effective Date, the Company shall deliver to TSX Trust Company, as paying agent, sufficient funds to satisfy the aggregate consideration payable to the Shareholders under the Arrangement. It is anticipated that Shareholders will receive payment for their repurchased shares on\n \n December 15, 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 under the Company's profile at\n \n www.sedarplus.ca\n \n and on the Company's website at\n ...