MONTRÉAL, Dec. 18, 2023 /CNW/ – LOGISTEC Corporation (TSX: LGT.A) (TSX: LGT.B) (“LOGISTEC” or the “Corporation”) is pleased to announce that its shareholders have approved the previously announced plan of arrangement under the provisions of the Québec Business Corporations Act involving LOGISTEC and 1443373 B.C. Unlimited Liability Company (the “Purchaser”), an entity owned by certain funds managed by Blue Wolf Capital Partners LLC, with preferred equity financing provided by Stonepeak.
At the special meeting of shareholders of LOGISTEC held earlier today, the arrangement resolution was approved by 99.9% of the votes cast by shareholders present in person or represented by proxy and entitled to vote at the meeting.
LOGISTEC is also pleased to confirm the satisfaction of the closing condition set forth in the arrangement agreement between LOGISTEC and the Purchaser regarding the receipt of key regulatory approvals in connection with the proposed arrangement.
The proposed arrangement remains subject to certain customary closing conditions, including the issuance of a final order by the Superior Court of Québec following the hearing expected to take place on December 21, 2023. If the Court approval is obtained and the other conditions are satisfied or waived, it is anticipated that the arrangement will be completed by the parties in January 2024.
About LOGISTEC
LOGISTEC is based in Montréal (QC) and provides specialized services to the marine community and industrial companies in the areas of bulk, break-bulk and container cargo handling in 60 ports and 90 terminals located in North America. LOGISTEC also offers marine transportation services geared primarily to the Arctic coastal trade, as well as marine agency services to shipowners and operators serving the Canadian market.
Furthermore, the Corporation operates in the environmental industry where it provides services to industrial, municipal and governmental customers for the renewal of underground water mains, dredging, dewatering, contaminated soils and materials management, site remediation, risk assessment, and manufacturing of fluid transportation products.
The Corporation has been profitable and has paid regular dividends since becoming public and payments have grown steadily over the years. A public company since 1969, LOGISTEC’s shares are listed on the Toronto Stock Exchange (TSX) under the ticker symbols LGT.A and LGT.B. For more information can be obtained on the Corporation’s website at www.logistec.com.
Forward-Looking Statements
This press release contains forward-looking information, within the meaning of applicable securities legislation, relating to the anticipated timing of completion of the proposed arrangement. These forward-looking statements express, as of the date of this press release, the estimates, predictions, projections, expectations, or opinions of the Corporation about future events or results, including the ability of the parties to satisfy, in a timely manner, the conditions to the closing of the proposed arrangement. Although the Corporation believes that the expectations produced by these forward-looking statements are founded on valid and reasonable bases and assumptions, these forward-looking statements are inherently subject to important uncertainties and contingencies, many of which are beyond the Corporation’s control, such that the Corporation’s performance may differ significantly from the predicted performance expressed or presented in such forward-looking statements. The important risks and uncertainties that may cause the actual results and future events to differ significantly from the expectations currently expressed include the possibility that the proposed arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required Court approval and other conditions to the closing of the proposed arrangement or for other reasons. The reader of this press release is thus cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to update or revise these forward-looking statements, except as required by law.
SOURCE Logistec Corporation
For further information: Carl Delisle, cpa auditor, Chief Financial Officer, LOGISTEC Corporation, [email protected], (514) 985-2390
