Readers are referred to the section "Forward-Looking Statements" at the end of this release. All figures are expressed in Canadian dollars.
Power Financial Corporation ("Power Financial" or "PFC") (TSX:PWF.TO) today announced that PFC received, at the special meeting (the "Meeting") of the holders of PFC's common shares (the "Shareholders") held today, the required shareholder approvals for the previously announced reorganization transaction (the "Reorganization") pursuant to which each common share of PFC held by Shareholders other than Power Corporation of Canada ("PCC") and its wholly owned subsidiaries will be exchanged for 1.05 subordinate voting shares of PCC and $0.01 in cash.
At the Meeting, 85.79% of the eligible PFC common shares were voted, with 91.03% of the common shares being voted in favour of the Reorganization (63.20% excluding the votes of interested parties in accordance with securities laws).
The final hearing of the Ontario Superior Court of Justice (Commercial List) to approve the Reorganization and issue the final order is scheduled to take place on February 12, 2020. Subject to receipt of the final order and the satisfaction of all other conditions to the Reorganization, the closing of the Reorganization is expected to occur on February 13, 2020.
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