FULTON, Md., Nov. 14, 2011 /PRNewswire/ -- The Board of Directors of Colfax Corporation (NYSE: CFX), a global leader in fluid-handling solutions for critical applications, is pleased to announce that, at the Court Meeting and the Charter General Meeting of Scheme Shareholders held earlier today in connection with the recommended acquisition of Charter International plc ("Charter") by way of scheme of arrangement in accordance with Article 125 of the Companies (Jersey) Law 1991 (the "Acquisition"), all the resolutions proposed received the overwhelming support of Charter Shareholders.
At the Court Meeting, a majority in number of Scheme Shareholders as defined in the Scheme Document dated October 18, 2011, who voted (either in person or by proxy) and who together represented over 75% by value of the votes cast, voted in favor of the resolution to approve the Scheme. The resolution was accordingly passed. At the Charter General Meeting, the special resolution to approve the Scheme and provide for its implementation was also passed by the requisite majority.
Completion of the Acquisition remains subject to the satisfaction or waiver of the other Conditions set out in the Scheme Document sent to Charter Shareholders dated October 18, 2011, including the Court sanctioning the Scheme and confirming the Capital Reduction at the Court Hearing which is expected to take place on January 12, 2012, as well as approval of the Acquisition by Colfax's stockholders. Subject to the satisfaction of the Conditions, the Scheme is expected to become effective on January 13, 2012.
Capitalized terms used but not defined in this announcement shall have the meaning given to them in the Scheme Document, which is available on the Colfax website at www.colfaxcorp.com under the "Investors" section.ABOUT COLFAX CORPORATION – Colfax Corporation is a global leader in critical fluid-handling products and technologies. Through its global operating subsidiaries, Colfax manufactures positive displacement industrial pumps and valves used in oil & gas, power generation, commercial marine, defense and general industrial markets. Colfax's operating subsidiaries supply products under the well-known brands Allweiler, Baric, Fairmount Automation, Houttuin, Imo, LSC, Portland Valve, Tushaco, Warren and Zenith. Colfax is traded on the NYSE under the ticker "CFX." Additional information about Colfax is available at www.colfaxcorp.com. CAUTIONARY NOTE CONCERNING FORWARD LOOKING STATEMENTS:
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