Lakeside Shareholders Approve Arrangement
24 3월 2012 - 5:16PM
PR Newswire (Canada)
WELLAND, ON, March 26, 2012 /CNW/ - Lakeside Steel Inc. ("Lakeside"
or the "Company") announced that at the special meeting of Lakeside
shareholders held today (the "Meeting"), its shareholders approved
the previously announced plan of arrangement (the "Plan of
Arrangement") pursuant to which, among other things, 2312522
Ontario Inc., a wholly owned subsidiary of JMC Steel Group, Inc.,
will acquire all of the issued and outstanding common shares of the
Company at a price of $0.2983 per share in cash, holders of Company
options will receive a cash payment equal to the "in-the-money"
value of their options (if applicable) and holders of certain
Company warrants will receive a cash payment of $0.0383 per
warrant. The Plan of Arrangement was approved by 98.78% of
the 110,080,112 votes cast at the Meeting and by 98.45% of the
85,918,932 votes cast by the disinterested "minority" shareholders,
voting separately as a class. Implementation of the proposed
arrangement remains subject to approval by the Ontario Superior
Court of Justice (Commercial List) at a hearing which has been
scheduled to be held on March 29, 2012, as well as certain other
customary closing conditions. Complete details of the proposed
arrangement is set forth in Lakeside's Management Proxy Circular
dated February 27, 2012. About Lakeside Steel Inc. Lakeside is a
2011 TSX Venture Exchange 50 company and the parent company of
Lakeside Steel Corporation, Lakeside Steel Alabama Inc. and
Lakeside Steel Texas Inc. Lakeside has operating facilities
located in Welland, Ontario, Thomasville, Alabama, and Corpus
Christi, Texas, and two processing facilities currently being
constructed in Thomasville, Alabama. Lakeside is a diversified
steel pipe and tubing manufacturer with a focus on manufacturing
and upgrading Oil Country Tubular Goods. Lakeside's list of
customers includes large oil and gas end users as well as
distributors across North America. Lakeside Steel Alabama will be a
diversified steel pipe manufacturer with end-finishing and heat
treat capabilities strategically situated in the southern United
States on successful completion of construction of the new
facilities in Thomasville, Alabama. Construction of the Alabama
facilities is currently underway. About JMC Steel Group, Inc. JMC
Steel Group, Inc. is the largest independent steel tubular
manufacturer in North America, producing more than 2 million tons
of pipe and tubular products a year and employing more than 1,800
people. It operates 12 manufacturing facilities in the U.S. and
Canada and is a market leader in steel hollow structural sections
(HSS), standard pipe and electrical conduit. Its companies have
been recognized for their short production cycle times, in-house
coating capabilities and proprietary products. The JMC Steel Group,
Inc. is headquartered in Chicago, IL; its two largest companies,
Atlas Tube and Wheatland Tube, market products under their brand
names. Lakeside Steel Inc. CONTACT: For further information about
this press release, please contactNormanFindlay, interim Chairman
of the Board of Directors of the Company, at416-777-6077.
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