Park Lawn Provides Update on Special Meeting in Connection with Going Private Transaction
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.
- Shareholders will receive $26.50 per share from the acquisition.
- The company is being acquired by reputable firms, Homesteaders Life Company and Birch Hill Equity Partners.
- The annual meeting of shareholders is postponed.
- Shareholders may face uncertainties pending the completion of the transaction.
Announces Postponement of Annual Meeting of Shareholders
TORONTO, ON / ACCESSWIRE / June 18, 2024 / Park Lawn Corporation (TSX:PLC)(TSX:PLC.U) ("Park Lawn" or "PLC") today announced that it has filed the requisite notice setting the record and meeting date in respect of its special meeting (the "Special Meeting") of shareholders of Park Lawn (the "Shareholders") to be held to consider its previously announced going private transaction (the "Transaction"), pursuant to which Viridian Acquisition Inc. (the "Purchaser"), an affiliate of Homesteaders Life Company and Birch Hill Equity Partners Management Inc., will acquire all of the issued and outstanding common shares of Park Lawn (the "Shares" and each, a "Share") for a price of
Further details relating to the Transaction and the Special Meeting, including voting instructions, will be included in Park Lawn's management information circular in respect of the Special Meeting to be filed and mailed to Shareholders in the coming weeks. Copies of the management information circular and related meeting materials will also be filed with the applicable Canadian securities regulators and will be available on SEDAR+ at www.sedarplus.ca.
In light of the pending Transaction, Park Lawn will be postponing its previously scheduled annual meeting of Shareholders to a date prior to September 30, 2024. Park Lawn will provide further details regarding its annual meeting at a later date.
About Park Lawn Corporation:
PLC is the largest publicly traded Canadian-owned funeral, cremation and cemetery provider. PLC and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels and event centers throughout Canada and the United States which provide a full range of services and merchandise to fulfill the desires of individuals and families seeking to honor their loved ones. Products and services can be customized to meet the personal needs of the consumer and are sold on a pre-planned basis (pre-need) or at the time of a death (at-need). PLC operates in three Canadian provinces and seventeen U.S. states. For more information about Park Lawn Corporation, please visit our website at www.parklawncorp.com.
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect PLC's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. The forward-looking statements in this news release include statements regarding the proposed acquisition by the Purchaser of all of the Shares of PLC and the terms thereof, the anticipated timing for the mailing and filing of the management information circular and related meeting materials in connection with the Special Meeting, the anticipated date of Park Lawn's Special Meeting and annual meeting and other statements that are not historical fact.
The forward-looking statements in this news release are based on a number of key expectations and assumptions made by PLC including, without limitation: the Transaction will be completed on the terms currently contemplated, the Transaction will be completed in accordance with the timing currently expected, all conditions to the completion of the Transaction will be satisfied or waived and the arrangement agreement will not be terminated prior to the completion of the Transaction. Although the forward-looking statements contained in this news release are based on what PLC's management believes to be reasonable assumptions, PLC cannot assure investors that actual results will be consistent with such statements.
The forward-looking statements in this news release are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Such factors include, among others: the Transaction not being completed in accordance with the terms currently contemplated or the timing currently expected, or at all, expenses incurred by PLC in connection with the Transaction that must be paid by PLC in whole or in part regardless of whether or not the Transaction is completed, the conditions to the Transaction not being satisfied by PLC and the Purchaser, currency fluctuations, disruptions or changes in the credit or security markets, results of operations, and general developments, market and industry conditions. Additional factors are identified in PLC's annual information form for the year ended December 31, 2023 and most recent Management's Discussion and Analysis, each of which is available on SEDAR+ at www.sedarplus.ca.
Readers, therefore, should not place undue reliance on any such forward-looking statements. There can be no assurance that the Transaction will be completed or that it will be completed on the terms and conditions contemplated in this news release. The proposed Transaction could be modified or terminated in accordance with its terms. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, PLC assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Contact Information:
Daniel Millett
Chief Financial Officer
(416) 231-1462, ext. 221
dmillett@plcorp.com
SOURCE: Park Lawn Corporation
View the original press release on accesswire.com
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