MOORESVILLE, N.C. and
BOUCHERVILLE, Quebec, Nov. 18, 2016 /PRNewswire/ -- Lowe's
Companies, Inc. (NYSE: LOW) ("Lowe's" or the "Company") today
announced it has completed its previously announced acquisition of
RONA inc.'s ("RONA") Cumulative 5-Year Rate Reset Series 6 Class A
Preferred Shares and Cumulative Floating Rate Series 7 Class A
Preferred Shares (collectively, the "Preferred Shares"). Pursuant
to the statutory plan of arrangement (the "Arrangement") under
Chapter XVI – Division II of the Business Corporations Act
(Québec), holders of RONA's Preferred Shares (collectively, the
"Preferred Shareholders") will receive cash proceeds of
C$24, without interest, per Preferred
Share.
Registered Preferred Shareholders must submit the share
certificates representing their Preferred Shares and complete,
execute and submit the Letter of Transmittal sent to them with the
other materials for the special meeting of RONA shareholders held
on Nov. 15, 2016 in order to receive
the consideration to which they are entitled. Preferred
Shareholders who have not yet submitted their share certificates
and Letters of Transmittal are encouraged to do so as soon as
possible. Any questions regarding payment of the
consideration, including any request for another copy of the Letter
of Transmittal, should be directed to Computershare Investor
Services Inc. via telephone at 1-800-564-6253 (toll free in
North America) or via email at
corporateactions@computershare.com.
RONA has applied to delist its Preferred Shares from the Toronto
Stock Exchange ("TSX") and expects such delisting to be completed
in a few trading days. RONA has also applied to cease to be a
reporting issuer in each of the Provinces of Canada under applicable Canadian securities
laws.
About Lowe's Companies, Inc.
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home
improvement company serving more than 17 million customers a week
in the United States, Canada and Mexico. With fiscal year 2015
sales of $59.1 billion, Lowe's and
its related businesses operate or service more than 2,355 home
improvement and hardware stores and employ over 285,000 employees.
Founded in 1946 and based in Mooresville,
N.C., Lowe's supports the communities it serves through
programs that focus on K-12 public education and community
improvement projects. For more information, visit Lowes.com.
About RONA inc.
Acquired by Lowe's Companies, Inc. on May
20, 2016, RONA inc. is a major Canadian retailer and
distributor of hardware, building materials and home renovation
products. RONA operates a network of close to 500 corporate and
independent affiliate dealer stores in a number of complementary
formats. RONA serves its network of stores and several independent
dealers operating under other banners, including Ace, for which
RONA owns the licensing rights and is the exclusive distributor in
Canada. With more than
17,000 employees in corporate stores and more than 5,000
employees in the stores of its independent affiliate dealers, the
Corporation generated annual consolidated sales of $4.2 billion for fiscal year 2015. For more
information, visit rona.ca.
Forward-Looking Statements
This news release includes "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
and Canadian securities legislation and regulation, including those
regarding the transaction. Statements including words such as
"may", "will", "could", "should", "would", "plan", "potential",
"intend", "anticipate", "believe", "estimate" or "expect" and other
words, terms and phrases of similar meaning are forward-looking
statements. Forward-looking statements involve estimates,
expectations, projections, goals, forecasts, assumptions, risks and
uncertainties. Such forward-looking statements include, but
are not limited to, the expected timing of the de-listing of the
Preferred Shares and RONA's application to cease to be a reporting
issuer under applicable Canadian securities laws. Although we
believe that the expectations, opinions, projections, and comments
reflected in these forward-looking statements are reasonable, we
can give no assurance that such statements will prove to be
correct. A wide variety of potential risks, uncertainties, and
other factors could materially affect our ability to achieve the
results either expressed or implied by these forward-looking
statements. For more information about risks and uncertainties that
Lowe's Companies, Inc. is exposed to, you should read the "Risk
Factors" and "Critical Accounting Policies and Estimates" included
in its most recent Annual Report on Form 10-K to the United States
Securities and Exchange Commission (the "SEC") and the description
of material changes therein or updated version thereof, if any,
included in its Quarterly Reports on Form 10-Q or subsequent
filings with the SEC.
The forward-looking statements contained in this news release
are expressly qualified in their entirety by the foregoing
cautionary statements. All such forward-looking statements
are based upon data available as of the date of this release or
other specified date and speak only as of such date. All subsequent
written and oral forward-looking statements attributable to us or
any person acting on our behalf about any of the matters covered in
this release are qualified by these cautionary statements and in
the "Risk Factors" included in Lowe's Companies, Inc.'s most recent
Annual Report on Form 10-K to the SEC and the description of
material changes, if any, therein included in its Quarterly Reports
on Form 10-Q or subsequent filings with the SEC. We expressly
disclaim any obligation to update or revise any forward-looking
statement, whether as a result of new information, change in
circumstances, future events, or otherwise, except as may be
required by law.
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SOURCE Lowe's Companies, Inc.