TSX: SRF
KELOWNA, BC, Sept. 24, 2013 /CNW/ - Sun-Rype Products Ltd. (TSX:SRF)
("Sun-Rype" or the "Company") announces that at the special meeting of
the Company's shareholders held in Kelowna today (the "Meeting"), the
shareholders have approved the previously announced plan of arrangement
among the Company, SRF Acquisition Inc. ("SRF") and Great Pacific
Industries Inc. (the "Arrangement").
Under the Arrangement, SRF will acquire all of the common shares of the
Company not already owned by SRF and its affiliates for a cash payment
of $7.50 per common share.
On a vote by ballot, the special resolution approving the Arrangement
was approved at the Meeting by 84.69% of the votes cast by shareholders
voting as a single class and by 54.0% of the votes cast by shareholders
after excluding the votes of SRF and its affiliates, as follows:
|
Total Shares Voted
|
Votes for
|
Votes Against
|
|
Plan of Arrangement
|
7,388,476
|
84.69%
|
1,335,460
|
15.31%
|
|
Minority Shares Voted
|
Votes for
|
Votes Against
|
|
Plan of Arrangement
|
1,567,776
|
54.0%
|
1,335,460
|
46.0%
|
The Company's application to the Supreme Court of British Columbia to
obtain the final order approving the Arrangement is scheduled for
September 26, 2013. Assuming final court approval is obtained and that
all other conditions to the Arrangement are satisfied or waived, the
Arrangement is expected to become effective on or about September 30,
2013.
For further details of the Arrangement, please see the Company's
management information circular dated August 20, 2013, which is
available on SEDAR at www.sedar.com.
Sun-Rype Products Ltd., based in Kelowna, BC, is a manufacturer and
marketer of fruit-based juices and snacks. Sun-Rype is a publicly
traded Canadian company with its common shares listed on the Toronto
Stock Exchange under the symbol SRF. If the Arrangement is completed,
SRF, a wholly owned subsidiary of Great Pacific Industries Inc., a
significant shareholder of Sun-Rype, will acquire all of the issued and
outstanding common shares of Sun-Rype not held by SRF and its
affiliates and Sun-Rype will cease to be a public company.
Forward Looking Statements
Statements contained in this press release, which are not based on
historical fact, including without limitation, statements containing
the words "may", "will", "plans", "intends", "expects", "anticipates",
"believes", "estimate", "continue" and similar expressions, constitute
"forward looking information" within the meaning of applicable Canadian
securities laws. Forward looking statements contained in this document
may involve, but are not limited to, statements relating to obtain the
final court order for the Arrangement, the closing of the Arrangement,
the Company ceasing to be a public company and the Company's
objectives, priorities, strategies, actions, targets, expectations and
outlook. Forward looking statements are necessarily based upon
assumptions and predictions with respect to the future, including but
not limited to the factors referred to below. As a result, forward
looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
events or developments to be materially different from any future
results, events or developments expressed or implied thereby. These
risks, uncertainties and other factors include, but are not limited to,
changes in the consumer packaged goods industry and external market
factors, as well as the factors referred to in the Company's Annual
Information Form dated March 6, 2013, and its other filings with the
applicable Canadian securities regulatory authorities. In light of
these uncertainties, assumptions and risks, readers are cautioned not
to place undue reliance on such forward looking statements. Except as
required by law, the Company assumes no obligation to update or revise
such information to reflect later events or developments.
SOURCE Sun-Rype Products Ltd.
