(TSX: SCL.A, SCL.B
March 21, 2013
/PRNewswire/ - ShawCor Ltd. (TSX: SCL.A, SCL.B) ("ShawCor" or the "Company") is pleased to announce the successful completion, effective
March 20, 2013
, of the Company's previously announced plan of arrangement whereby, among other things, ShawCor has eliminated its dual-class share structure (the "Arrangement").
The Arrangement was overwhelmingly approved by shareholders of ShawCor at a special meeting held on
March 14, 2013.
The Ontario Superior Court of Justice (Commercial List) issued a final order approving the Arrangement on
Monday, March 18, 2013
ShawCor is also pleased to announce the closing of its previously announced unsecured senior note private placement in the amount of
and the increase of its existing unsecured revolving credit facility by
US$100 million to US$250 million
, the extension of the facility's term to five years and the reduction in interest rates payable thereunder.
The Board of Directors of ShawCor has declared that the special dividend of
per common share of ShawCor payable pursuant to the Arrangement will be payable on
April 19, 2013
to shareholders of record at the close of business on
April 4, 2013
ShawCor Ltd. is an energy services company specializing in products and services for the pipeline and pipe services and the petrochemical and industrial segments of the oil and gas industry. The Company operates through eight divisions with over seventy manufacturing and service facilities located around the world.
Forward Looking Information
This document includes certain statements that reflect the Board's and the Special Committee's expectations and objectives for the Company's future performance, opportunities and growth, which statements constitute forward-looking information under applicable securities laws. Such statements, other than statements of historical fact, are predictive in nature or depend on future events or conditions.