KITCHENER, ON, Jan. 14 /CNW/ - The Griffin Corporation (TSX Venture Exchange "GRN") ("Griffin" or the "Company") announces that it has received today the approval of the Superior Court of Justice of Ontario in connection with its previously announced going private transaction to be completed by way of plan of arrangement (the "Arrangement") between Griffin and Zayma Realty Holdings Inc. ("Zayma"), a corporation controlled by Griffin's Chief Executive Officer and his immediate family.
At a Special Meeting of Shareholders held on January 11, 2008 a special resolution approving the Arrangement pursuant to section 182 of the Business Corporations Act (Ontario) was respectively approved by 99.47% of the votes cast by holders of common shares of Griffin, present in person or represented by proxy and by 98.49% of the votes cast by holders of common shares of Griffin present in person or represented by proxy, excluding votes cast in respect of common shares beneficially owned or over which control or direction is exercised by Griffin's Chief Executive Officer. Both votes exceeded the approvals required by the Superior Court of Justice of Ontario in its Interim Order dated December 12, 2007.
Pursuant to the Arrangement, holders of common shares of Griffin (other than Zayma and other shareholders over which Griffin's Chief Executive Officer exercises control or direction) will receive $0.08 for each common share of Griffin held. Griffin expect the completion of the Arrangement to occur on or about January 18, 2008.
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responsibility for the adequacy or accuracy of this release.