Yellow Pages Limited Completes Arrangement
MONTREAL, October 5, 2022 /CNW Telbec/ – Yellow Pages Limited (TSX: Y) (the “Company”), a leading Canadian digital media and marketing company, today announced the completion of the Company’s previously announced arrangement under of the Business Corporations Act (British Columbia) (the Arrangement”). The Arrangement became effective on 11:59 p.m. (Eastern Time) on October 4, 2022.
Pursuant to the arrangement, the Company purchased from the shareholders pro rata a total of 7,949,125 common shares at a purchase price of $12.58 per share and also advanced $6 million as part of the previously announced voluntary additional cash contributions to the Company’s defined benefit pension plan (the “Pension Plan”). Under the terms of the arrangement, the company will also contribute to the pension plan an additional amount $18 million prior to December 31, 2022bringing the total 2022 cash payments to the Pension Plan wind-up deficit to $30 million by the end of the year. The Company has provided TSX Trust Company, as paying agent, with funds sufficient to satisfy the aggregate consideration payable to Shareholders under the Arrangement. It is expected that Shareholders will receive payment for their redeemed shares on October 7, 2022.
Additional information regarding the terms of the arrangement is set forth in the Company’s management proxy circular dated August 26, 2022which 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 owns some of from Canada major local online properties including YP.ca, Canada411 and 411.ca. The Company also owns the YP, Canada411 and 411 mobile applications and the Yellow Pages print directories. For more information, visit www.company.yp.ca.
Caution Regarding Forward-Looking Statements
JThis press release contains certain forward-looking statements within the meaning of applicable securities laws. These statements, including the timing of receipt of payment by shareholders for their repurchased shares, are forward-looking as they are based on our current expectations, at the October 5, 2022. We disclaim any intention or obligation to update 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
For further information: Investors: Franco Sciannamblo, Senior Vice President and Chief Financial Officer, [email protected]; Media: Treena Cooper, Senior Vice President, Secretary and General Counsel, [email protected]