Trilogy International Partners Inc. Announces Results of Voting at Special Meeting of Shareholders

Rhea-AI Summary

Trilogy International Partners Inc. (TLLYF) announced the results of a shareholder vote, with over 99.99% approval for the sale of its New Zealand subsidiary, 2degrees, to Voyage Digital. More than 76% of outstanding shares participated in the vote, which also included a capital reduction proposal. The Commerce Commission of New Zealand approved the transaction, pending further regulatory reviews. The company anticipates the deal closing in the second quarter of 2022.

Positive

• Over 99.99% of shareholders approved the sale of 2degrees.
• Transaction received approval from New Zealand's Commerce Commission.
• Anticipated closing of the transaction in Q2 2022.

Negative

• None.

BELLEVUE, WA / ACCESSWIRE / March 15, 2022 / Trilogy International Partners Inc. ("TIP Inc." or "Company") (TSX:TRL), an international wireless and fixed broadband telecommunications operator, today announced the results of shareholder voting on its proposed sale of its New Zealand subsidiary, Two Degrees Group Limited ("2degrees") to Voyage Digital (NZ) Limited ("Voyage"), a joint venture between Macquarie Asset Management and Aware Super as owners of Vocus Group Limited, as well as a capital reduction and return of capital.

Company shareholders voted overwhelmingly to approve both transactions. In excess of 99.99% of ballots were cast in favor of the sale of the equity interests in 2degrees and the capital reduction and return of capital. Votes representing more than 76% of the Company's outstanding shares were cast.

Further, New Zealand's Commerce Commission has approved the transaction. The transaction remains subject to regulatory approvals from the New Zealand's Overseas Investment Office and the New Zealand Government Communications Security Bureau.

TIP Inc. previously announced in December 2021 that it had entered into a definitive agreement to sell 100% of its equity in 2degrees to Voyage. TIP Inc. owns 73.17% of the equity in 2degrees.

The Company continues to expect the closing to take place during the second quarter of 2022.

TIP Inc. and 2degrees are being advised by Montarne and Macquarie Asset Management, Aware Super and Vocus Group are being advised by UBS.

About Trilogy International Partners Inc.
TIP Inc. is the parent company of Trilogy International Partners LLC, a wireless and fixed broadband telecommunications operator formed by wireless industry veterans John Stanton, Theresa Gillespie and Brad Horwitz.

TIP Inc. currently provides wireless and fixed broadband communications services through its operating subsidiaries in New Zealand and Bolivia. Its head office is located at 155 108th Avenue NE, Suite 400, Bellevue, Washington, 98004 USA.

For more information, visit www.trilogy-international.com.

Cautionary Statements
This press release contains "forward-looking information" within the meaning of applicable securities laws in Canada and "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 of the United States of America. Forward-looking information and forward-looking statements include, but are not limited to, statements regarding the closing of the transaction and the timing thereof. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "estimates", "plans", "targets", "expects" or "does not expect", "an opportunity exists", "outlook", "prospects", "strategy", "intends", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, intentions, estimates, projections or other characterizations of future events or circumstances contain forward-looking information and statements.

Forward-looking information and statements are provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information and statements may not be appropriate for other purposes. Forward-looking information and statements contained in this presentation are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. These opinions, estimates and assumptions include but are not limited to: the conditions to closing the above-described transaction will be satisfied, including necessary regulatory approvals; and changes in government regulation. Despite a careful process to prepare and review the forward-looking information and statements, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct.

Numerous risks and uncertainties, some of which may be unknown, relating to TIP Inc.'s business could cause actual events and results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking information and statements. Among such risks and uncertainties are those that relate to the risk that the conditions to completion of the Voyage transaction will not be satisfied or the transaction will not be completed on the expected schedule; an event, change or other circumstance that could give rise to the termination of the Voyage transaction will occur; receipt of required regulatory approvals; risks associated with any potential acquisition, investment or merger; the need for spectrum access; the regulated nature of the industry in which TIP Inc. participates; the use of "conflict minerals" and the effect thereof on availability of certain products, including handsets; anti-corruption compliance; intense competition; lack of control over network termination, roaming and international long distance revenues; rapid technological change and associated costs; reliance on equipment suppliers; subscriber "churn" risks, including those associated with prepaid accounts; the need to maintain distributor relationships; TIP Inc.'s future growth being dependent on innovation and development of new products; security threats and other material disruptions to TIP Inc.'s wireless networks; the ability of TIP Inc. to protect subscriber information and cybersecurity risks generally; health risks associated with handsets; litigation, including class actions and regulatory matters; fraud, including device financing, customer credit card, subscription and dealer fraud; reliance on limited management resources; risks associated with the minority shareholders of TIP Inc.'s subsidiaries; general economic risks; natural disasters including earthquakes and public health crises such as the COVID-19 pandemic; foreign exchange and interest rate changes; currency controls; interest rate risk; and risks associated with new laws and regulations.

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information and statements in this press release, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information in this press release. Please see our continuous disclosure filings available under TIP Inc.'s profile at www.sedar.com and at www.sec.gov for information on the risks and uncertainties associated with our business.

Readers should not place undue reliance on forward-looking information and statements, which speak only as of the date made. The forward-looking information and statements contained in this press release represent our expectations as of the date of this press release. We disclaim any intention or obligation or undertaking to update or revise any forward-looking information or statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

Investor Relations Contacts

Ann Saxton
425-458-5900
Ann.Saxton@trilogy-international.com
Vice President, Investor Relations & Corporate Development

Erik Mickels
425-458-5900
Erik.Mickels@trilogy-international.com
Senior Vice President, Chief Financial Officer

Trilogy Media Contact

Ann Saxton
425-458-5900
Ann.Saxton@trilogy-international.com
Vice President, Investor Relations & Corporate Development

SOURCE: Trilogy International Partners Inc.

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FAQ

What was the outcome of Trilogy International Partners Inc. shareholder vote on the sale of 2degrees?

Over 99.99% of shareholders approved the sale of 2degrees to Voyage Digital.

When does Trilogy International Partners Inc. expect to close the 2degrees sale?

The company expects the transaction to close during the second quarter of 2022.

Has the New Zealand Commerce Commission approved the 2degrees transaction?

Yes, the transaction has received approval from the New Zealand Commerce Commission.

What percentage of outstanding shares voted on the 2degrees sale?

Votes representing more than 76% of the Company's outstanding shares were cast.

What company is acquiring Trilogy International Partners Inc.'s 2degrees?

2degrees is being acquired by Voyage Digital (NZ) Limited.