FirstService Completes Transaction to Settle Long-Term Incentive Arrangement and Eliminate Dual Class Voting Structure
May 10 2019 - 1:00PM
FirstService Corporation (TSX: FSV; NASDAQ: FSV)
(“
FirstService”) announced that it has completed
the settlement of the Restated Management Services Agreement,
including the long-term incentive arrangement, between
FirstService, Jay S. Hennick and Jayset Management FSV Inc. and
eliminated FirstService’s dual class share structure. FirstService
has also effected an amendment to its articles that eliminated the
Multiple Voting Shares and the “blank cheque” preference shares as
part of the authorized capital of FirstService and re-classified
its Subordinate Voting Shares as common shares. FirstService’s
common shares will commence trading under the symbol “FSV” on the
Toronto Stock Exchange and The NASDAQ Global Select Market at the
start of trading on May 14, 2019.
Mr. Hennick remains as a director and the
Chairman of FirstService, and has control and direction over
5,767,080 common shares of FirstService, representing 14.8% of the
outstanding common shares of FirstService.
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
common shares of FirstService trade on 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 &
CEO (416)
960-9500
Jeremy RakusinChief
Financial Officer(416) 960-9500
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