MONTRÉAL, June 11, 2019 (GLOBE NEWSWIRE) -- Valener Inc. (“Valener”) (TSX: VNR) (TSX: VNR.PR.A) the public investment vehicle in Énergir, L.P. is pleased to announce that at its special meeting of shareholders held today, June 11, 2019 (the "Meeting"), shareholders approved the acquisition of Valener by Noverco Inc. ("Noverco") (the "Announced Transaction") pursuant to the Arrangement Agreement publicly announced on March 27, 2019 (the "Arrangement").
As provided for in the Arrangement, two resolutions were submitted to a vote at the Meeting, namely the Arrangement resolution to be approved by the holders of common shares and the preferred shareholder resolution to be approved by the holders of preferred shares (hereinafter, the "Resolutions").
We refer you to the management information circular, available online at www.sedar.com under Valener's profile, regarding quorum rules and approval threshold that had to be reached at the Meeting.
The Arrangement resolution was approved by 91.92% of the votes cast by holders of common shares, which represented 36.44% of all issued and outstanding common shares of Valener, and by 91.91% of the votes cast by all holders of common shares, excluding common shares beneficially owned or over which control or direction is exercised by interested parties and certain related parties of such interested parties whose votes are required to be excluded in accordance with applicable securities regulation. The preferred shareholder resolution was approved by 99.62% of the votes cast by the holders of the preferred shares, which represented 36.2% of all issued and outstanding preferred shares.
In light of the approval of the Resolutions, counsel for Valener and Noverco will present the application for a final order to approve the Arrangement to the Superior Court of Québec on Friday, June 14, 2019, at 9:00 a.m. (Montréal time). At the hearing, any shareholder or other interested person may intervene in accordance with the procedure set out in item 8 of the management information circular and the interim order of the Superior Court of Québec dated April 17, 2019.
The Announced Transaction remains subject to regulatory approval by the Vermont Public Utility Commission. A public hearing on this matter is scheduled for July 23, 2019.
About Valener
Valener is a public company which serves as the public investment vehicle in Énergir, L.P. Through its investment in Énergir, L.P., Valener offers its shareholders a solid investment in a diversified and largely regulated energy portfolio in Québec and Vermont. As a strategic partner, Valener, on the one hand, contributes to Énergir, L.P.’s growth, and on the other, invests in wind power production in Québec alongside Énergir, L.P. Valener favours energy sources and uses that are innovative, clean, competitive and profitable. Valener’s common shares and preferred shares are listed on the Toronto Stock Exchange under the “VNR” symbol for common shares and under the “VNR.PR.A” symbol for Series A preferred shares. www.valener.com
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