PARK LAWN CORP ORD - PRRWF STOCK NEWS

Park Lawn (TSX:PLC) announced that shareholders have approved the proposed plan of arrangement for Viridian Acquisition Inc. to acquire all outstanding shares for $26.50 per share. The special resolution was approved by 99.75% of votes cast at the special meeting. The arrangement is expected to become effective around August 9, 2024, subject to final court approval and other conditions. Upon completion, Park Lawn's shares and debentures are expected to be delisted from the Toronto Stock Exchange within 2-3 business days. Park Lawn is the largest publicly traded Canadian-owned funeral, cremation and cemetery provider, operating in two Canadian provinces and seventeen U.S. states.

Park Lawn has mailed its notice of meeting and associated materials to shareholders for a special meeting on July 29, 2024. The meeting, to be held virtually, will consider a plan of arrangement where Viridian Acquisition will acquire all outstanding shares of Park Lawn at $26.50 per share. Shareholders need to approve the resolution by a two-thirds majority. The Ontario Superior Court has granted an interim order for the meeting. Completion of the arrangement depends on shareholder approval, a final court order, and regulatory approval. The board recommends shareholders vote in favor of the arrangement.

Park Lawn has scheduled a special meeting of shareholders on July 29, 2024, to discuss and vote on a going private transaction. Viridian Acquisition, an affiliate of Homesteaders Life Company and Birch Hill Equity Partners, will acquire all Park Lawn shares at $26.50 per share. The record date for eligibility to vote is June 18, 2024. Detailed information and voting instructions will be provided in a management circular to be mailed to shareholders. Due to this transaction, Park Lawn's annual meeting of shareholders is postponed to a date before September 30, 2024. Further information will be provided later.

Park Lawn (TSX:PLC) announced an arrangement agreement with Viridian Acquisition Inc., an affiliate of Homesteaders Life Company and Birch Hill Equity Partners. The Purchaser will acquire all issued and outstanding common shares of Park Lawn at $26.50 per share in an all-cash transaction valued at approximately $1.2 billion. This represents a 62.1% premium to the closing price on June 3, 2024. The board of directors unanimously determined the transaction is in the best interests of shareholders. Completion is expected by August 2024 pending necessary approvals. The shares will be delisted from the TSX upon closing.

Park Lawn reported its Q1 2024 financial results, showing a 11.9% revenue decrease but a 14.7% increase in net earnings compared to the prior year. Adjusted EBITDA decreased by 4.4%, but adjusted EBITDA margin and adjusted field EBITDA margin increased. The company completed an acquisition in February 2024, adding to its portfolio.

Park Lawn (TSX:PLC, PLC.U) announced the release of its first quarter 2024 financial results on May 9, 2024, with an earnings conference call scheduled for May 10, 2024, at 9:30 a.m. (EST).

Park Lawn (PLC) announces a quarterly dividend of $0.114 per share payable on April 15, 2024, to shareholders of record as of March 29, 2024. PLC offers a Dividend Reinvestment Plan (DRIP) with a 3% discount for eligible shareholders.

Park Lawn Corporation (TSX:PLC, PLC.U) reported its Q4 and 2023 financial results, appointing a new director and providing its 2024 financial outlook. Revenue increased by 2.3% to $88M in Q4 and 6.6% to $347.6M in 2023. Net Loss for 2023 was $(19.3M), Adjusted Net Earnings increased by 5.3%, and Adjusted EBITDA rose by 4.0%. The company completed multiple acquisitions and dispositions, impacting its financials positively. The 2024 Financial Outlook projects Adjusted EBITDA between $70M-$80M and Adjusted EPS-Diluted between $0.80-$0.90.

Park Lawn Corporation (PLC) will release its fourth quarter financial results for 2023 on March 7, 2024, followed by a conference call on March 8, 2024, to discuss the financial performance.