Calgary, Alberta--(Newsfile Corp. - December 17, 2020) - Rocky Mountain Dealerships Inc. (TSX: RME) ("RME" or the "Company") is pleased to announce that, at the special meeting of shareholders of the Company held earlier today (the "Meeting"), the shareholders of the Company voted in favour of a special resolution to approve the proposed arrangement (the "Arrangement") involving the Company and 2223980 Alberta Ltd., as further described in the press release issued by the Company on November 2, 2020.
The Arrangement required approval by 66?% of the votes cast by shareholderspresent in person (virtually) or represented by proxy at the Meeting.
A total of 14,219,896 RME common shares, representing approximately 73.8% of the outstanding RME common shares, were representedin person (virtually) or by proxy at the Meeting. Of the votes cast with respect to the Arrangement, an aggregate of 10,277,407 RME common shares were voted in favour of the Arrangement, representing approximately 72.3% of the votes cast on the resolution and approximately 66.2% of the votes excluding votes required to be excluded for purposes of determining majority of the minority approval in accordance with applicable securities laws.
It is anticipated that the Arrangement will be completed as soon as practicable following receipt of the final order of the Court of Queen's Bench of Alberta (the "Court"), which is expected to be obtained on or about December 18, 2020, and following the satisfaction and waiver of all other conditions precedent to the Arrangement, including receipt of all required third party consents to the Arrangement. Following completion of the Arrangement, it is anticipated that RME's common shares will be de-listed from the Toronto Stock Exchange.
Further information about the Arrangement is set forth in the materials prepared by RME in respect of the Meeting, which were mailed to RME shareholders and filed under RME's profile on SEDAR at www.sedar.com.
About Rocky Mountain Dealerships Inc. (TSX: RME)
RME is Canada's largest agriculture equipment dealer with branches located throughout Alberta, Saskatchewan, and Manitoba. Through its dealer network, RME sells, rents, and leases new and used agriculture equipment and offers product support and finance to its customers.
Additional information about RME is available at www.rockymtn.com and on SEDAR at www.sedar.com.
For investor and media inquiries please contact:
Jerry Schiefelbein
403-214-5639
jschiefelbein@rockymtn.com
Reader Advisory
All references to "$" are to Canadian dollars, unless otherwise indicated.
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward-looking statements and information concerning: receipt of the final order of the Court with respect to the Arrangement; satisfaction and waiver of all other conditions precedent to the Arrangement; and anticipated timing for de-listing the common shares of the Company from the Toronto Stock Exchange.
Although RME believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as RME cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with: RME's ability to continue to manage the effect of the COVID-19 pandemic on its operations; default under the Company's credit facilities due to a breach of covenants therein; the impact of events of defaults in respect of other material contracts of the Company; failure to satisfy all conditions to completion of the Arrangement; failure to receive all applicable regulatory, court, third party and other stakeholder approvals in respect of the Arrangement; global economic conditions; along with those risk and uncertainties identified under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 10, 2020 and filed on SEDAR at www.sedar.com.
The forward-looking statements and information contained in this press release are made as of the date hereof and RME does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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