TORONTO, ON / ACCESSWIRE / July 29, 2024 / Park Lawn Corporation (TSX:PLC)(TSX:PLC.U) ("Park Lawn" or "PLC") is pleased to announce that the shareholders of Park Lawn ("Shareholders") have approved the proposed plan of arrangement (the "Arrangement") involving Viridian Acquisition Inc. (the "Purchaser"), a wholly-owned subsidiary of Viridian Holdings LP, a limited partnership collectively owned by Homesteaders Life Company and certain funds, the general partner of which is Birch Hill Equity Partners Management Inc., at the special meeting of Shareholders (the "Meeting") held earlier today. Pursuant to the Arrangement, the Purchaser will acquire all of the issued and outstanding common shares of Park Lawn (the "Shares") for a price of $26.50 per Share.
The special resolution approving the Arrangement (the "Arrangement Resolution") was approved at the Meeting by 99.75% of the votes cast by Shareholders present or represented by proxy at the Meeting. To be effective, the Arrangement Resolution required the affirmative vote of at least two-thirds of the votes cast by Shareholders present or represented by proxy at the Meeting. Accordingly, all shareholder approvals required in order to proceed with the Arrangement have been obtained.
Additional details of the voting results will be included in a report of voting results to be filed on SEDAR+ (www.sedarplus.ca) under Park Lawn's issuer profile.
The Arrangement is expected to become effective on or about August 9, 2024, subject to, among other things, Park Lawn obtaining a final order from the Ontario Superior Court of Justice (Commercial List) approving the Arrangement (the "Final Order") and the satisfaction or waiver of certain other customary closing conditions. The Final Order hearing is scheduled to take place on August 6, 2024.
It is expected that, within two to three business days following the completion of the Arrangement, the Shares and senior unsecured debentures of Park Lawn will be delisted from the Toronto Stock Exchange. Additional details about the Arrangement and the Arrangement Resolution can be found in the management information circular of Park Lawn dated June 27, 2024, a copy of which is available on SEDAR+ (www.sedarplus.ca) under Park Lawn's issuer profile.
About Park Lawn Corporation:
PLC is the largest publicly traded Canadian-owned funeral, cremation and cemetery provider. PLC and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels and event centers throughout Canada and the United States which provide a full range of services and merchandise to fulfill the desires of individuals and families seeking to honor their loved ones. Products and services can be customized to meet the personal needs of the consumer and are sold on a pre-planned basis (pre-need) or at the time of a death (at-need). PLC operates in two Canadian provinces and seventeen U.S. states. For more information about Park Lawn Corporation, please visit our website at www.parklawncorp.com.
Cautionary Note - Forward Looking Statements
Certain statements contained in this news release contain "forward-looking information" within the meaning of applicable securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might", "have potential" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking information and statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to a variety of risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Forward-looking information and statements include, but are not limited to, statements regarding the timing and ability of Park Lawn to implement the Arrangement (if at all); the timing and ability of Park Lawn to obtain the final order (if at all); the ability of Park Lawn and the Purchaser to satisfy the conditions precedent to the completion of the Arrangement (if at all); and the timing to delist the Shares and debentures of Park Lawn (if at all).
Although Park Lawn believes that the expectations reflected in such forward-looking information and statements are reasonable, such information and statements involve risks and uncertainties, and undue reliance should not be placed on such information and statements. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include, without limitation, the expectations and beliefs of Park Lawn, and its management and board of directors, as of the date hereof. Park Lawn cautions that the foregoing list of material factors and assumptions is not exhaustive. Many of these assumptions are based on factors and events that are not within its control, and there is no assurance that they will prove correct. Consequently, there can be no assurance that the actual results or developments anticipated by Park Lawn will be realized or, even if substantially realized, that they will have the expected consequences for, or effects on, Park Lawn, the current Shareholders, or its future results and performance of Park Lawn. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this news release concerning the Arrangement, see the management information circular of Park Lawn dated June 27, 2024 available on SEDAR+ (www.sedarplus.ca) under Park Lawn's issuer profile.
Readers, therefore, should not place undue reliance on any such forward-looking statements. There can be no assurance that the Arrangement will be completed or that it will be completed on the terms and conditions contemplated in this news release. The Arrangement could be modified or terminated in accordance with its terms. Further, the forward-looking information and statements in this news release are based on beliefs and opinions of Park Lawn at the time the statements are made, and there should be no expectation that these forward-looking statements will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and Park Lawn disavows and disclaims any obligation to do so except as required by applicable law. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of Park Lawn.
Contact Information:
Daniel Millett
Chief Financial Officer
(416) 231-1462, ext. 221
SOURCE: Park Lawn Corp