MONTREAL, Sept. 27,
2022 /CNW Telbec/ - Yellow Pages Limited
(TSX: Y) (the "Company"), a leading Canadian digital media and
marketing company, today announced that the Company has obtained a
final order from the Supreme Court of British Columbia approving the Company's
previously announced arrangement under the Business Corporation
Act (British Columbia) (the
"Arrangement").
Under the Arrangement, the Company will repurchase from
Shareholders pro rata an aggregate of 7,949,125 common
shares at a purchase price of $12.58
per share, which represents the volume weighted average price for
the five consecutive trading days ending the trading day
immediately prior to
August 5, 2022. The Company will also
advance the previously announced voluntary incremental cash
contributions to the Company's defined benefit pension plan's (the
"Pension Plan") wind-up deficit by an amount of $24 million during the year ending December 31, 2022, bringing 2022 cash payments to
the Pension Plan's wind-up deficit to $30
million by the end of the year.
The Arrangement will become effective at 11:59 p.m. (Eastern time) on October 4, 2022 (the "Effective Date"). On the
Effective Date, the Company shall deliver to TSX Trust Company, as
paying agent, sufficient funds to satisfy the aggregate
consideration payable to the Shareholders under the Arrangement. It
is anticipated that Shareholders will receive payment for their
repurchased shares on October 7,
2022.
Additional information regarding the terms of the Arrangement is
set out in the Company's management proxy circular dated
August 26, 2022, which is available
under the Company's profile at www.sedar.com and on the Company's
website at www.corporate.yp.ca.
About Yellow Pages Limited
Yellow Pages Limited (TSX: Y) is a Canadian digital media and
marketing company that creates opportunities for buyers and sellers
to interact and transact in the local economy. Yellow Pages holds
some of Canada's leading local
online properties including YP.ca, Canada411 and 411.ca. The
Company also holds the YP, Canada411 and 411 mobile applications
and Yellow Pages print directories. For more information visit
www.corporate.yp.ca.
Caution Concerning Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of applicable
securities laws. These statements are forward-looking as they are
based on our current expectations, as at
September 27,
2022, about our business, and on
various estimates and assumptions that are current,
reasonable and
complete. Our actual results could materially differ from our expectations
if known or unknown risks affect our business, or if our estimates or assumptions
turn out to be
inaccurate. As a result, there is no
assurance that any forward-looking statements will materialize.
Risks that could cause our results
to differ materially from
our current expectations are discussed in
section 5 of our August
4, 2022 Management's Discussion and Analysis. We disclaim any intention or obligation
to update any forward-looking statements, except as required by law, even if new information
becomes available, as a result of
future events or for any other reason.
SOURCE Yellow Pages Limited