FirstService Announces Election of Directors and Approval of Transaction to Settle Long-Term Incentive Arrangement and Elimin...
May 03 2019 - 05:00PM
FirstService Corporation (TSX: FSV) (NASDAQ: FSV)
(“
FirstService”) announced that at its annual and
special meeting of shareholders, held in Toronto today, the eight
director nominees listed in FirstService’s management information
circular dated March 25, 2019 (the “
Circular”)
were elected as directors of FirstService. Directors have been
elected to serve until the close of the next annual meeting of
shareholders. The detailed results of the vote are set out below.
Nominee |
Votes For |
% Votes For |
Votes Withheld |
% Votes Withheld |
Brendan Calder |
50,811,389 |
99.41% |
303,254 |
0.59% |
Bernard I. Ghert |
50,858,102 |
99.50% |
256,541 |
0.50% |
Jay S. Hennick |
50,205,199 |
98.22% |
909,444 |
1.78% |
D. Scott Patterson |
50,733,504 |
99.25% |
381,139 |
0.75% |
Frederick F. Reichheld |
50,813,576 |
99.41% |
301,067 |
0.59% |
Joan Eloise Sproul |
50,869,610 |
99.52% |
245,033 |
0.48% |
Michael Stein |
49,699,329 |
97.23% |
1,415,314 |
2.77% |
Erin J. Wallace |
50,814,971 |
99.41% |
299,672 |
0.59% |
* As a vote was taken by a show of hands, the
number of votes disclosed reflects those proxies received by
management in advance of the meeting.
In addition, at the meeting, holders of
FirstService’s Subordinate Voting Shares approved the previously
announced transaction (the “Transaction”) to
settle the Restated Management Services Agreement, including the
long-term incentive arrangement, between FirstService, Jay S.
Hennick and Jayset Management FSV Inc. and to eliminate
FirstService’s dual class share structure. The Transaction was
approved by 99.23% of the 23,774,307 votes cast by the
disinterested holders of FirstService’s Subordinate Voting Shares,
voting separately as a class. The Transaction is subject to
customary closing conditions, and is expected to be completed on or
about May 10, 2019. The Transaction remains subject to the risk
factors set forth in the Circular.
FirstService shareholders also approved the
appointment of PricewaterhouseCoopers LLP as the auditor of
FirstService for the ensuing year, and, subject to and following
completion of the Transaction, an amendment to FirstService’s
articles to eliminate the Multiple Voting Shares and the “blank
cheque” preference shares as part of the authorized capital of
FirstService and to re-designate its Subordinate Voting Shares as
“common shares”.
About FirstService
Corporation
FirstService Corporation is a North American
leader in the property services sector, serving its customers
through two industry-leading service platforms:
FirstService Residential, North America’s largest
manager of residential communities; and FirstService
Brands, one of North America’s largest providers of
essential property services delivered through individually branded
franchise systems and company-owned operations.
FirstService generates approximately US$2
billion in annual revenues and has more than 20,000 employees
across North America. With significant insider ownership and an
experienced management team, FirstService has a long-term track
record of creating value and superior returns for shareholders. The
Subordinate Voting Shares of FirstService trade on the NASDAQ and
the Toronto Stock Exchange under the symbol “FSV”.
For the latest news from FirstService
Corporation, visit www.firstservice.com.
COMPANY CONTACTS:
D. Scott
PattersonPresident & Chief Executive
Officer (416) 960-9500
Jeremy RakusinChief
Financial Officer(416) 960-9500
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