98.7% Of Votes Cast By Shareholders Of Torstar Corporation Vote In Favour Of Arrangement With NordStar Capital LP

Torstar Corporation (“Torstar”) (TSX:TS.B) today announced that, at its special meeting (“Meeting”) of shareholders held today, shareholders of Torstar voted to approve the previously announced plan of arrangement involving NordStar Capital LP ( “NordStar”) pursuant to Section 182 of the Business Corporations Act (Ontario) (the “Arrangement”). Pursuant to the Arrangement, NordStar will, among other things, acquire all of the issued and outstanding Class A shares and Class B non-voting shares of Torstar (the “Shares”) at a price of $0.74 per Share.

The Arrangement required approval by the affirmative vote of: (i) at least two-thirds of the votes cast by holders of Class A shares and Class B non-voting shares (voting together as a single class); and (ii) a simple majority of the votes cast by the holders of the Class A shares and the holders of the Class B non-voting shares (each voting as a separate class and excluding Shares required to be excluded pursuant to applicable securities laws).

Of the votes cast at the Meeting with respect to the Arrangement, a total of 55,390,891 Shares were voted in favour of the Arrangement, representing approximately 98.7% of the votes cast on the special resolution approving the Arrangement. In addition, a total of 3,708,886 Class A shares and 36,911,584 Class B non-voting shares, representing approximately 99.7% of the votes cast by holders of Class A shares and 98.1% of the votes cast by holders of Class B non-voting shares, in each case excluding Shares required to be excluded pursuant to applicable securities laws, were voted in favour of the special resolution approving the Arrangement.
more at source: https://www.torstar.com/component/content/article/9-latest-news/231-98-7-of-votes-cast-by-shareholders-of-torstar-corporation-vote-in-favour-of-arrangement-with-nordstar-capital-lp?Itemid=101

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