MONTREAL, Oct. 5, 2022
/CNW Telbec/ - Yellow Pages Limited (TSX: Y) (the "Company"),
a leading Canadian digital media and marketing company, today
announced completion of the Company's previously announced
arrangement under the Business Corporations Act
(British Columbia) (the
"Arrangement"). The Arrangement became effective at 11:59 p.m. (Eastern time) on October 4, 2022.
Under the Arrangement, the Company repurchased from Shareholders
pro rata an aggregate 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 incremental cash
contributions to the Company's defined benefit pension plan (the
"Pension Plan"). Pursuant to the Arrangement, the Company will also
advance to the Pension Plan an additional $18 million prior to December 31, 2022, bringing total 2022 cash
payments to the Pension Plan's wind-up deficit to $30 million by the end of the year. The Company
has delivered to TSX Trust Company, as paying agent, sufficient
funds to satisfy the aggregate consideration payable to the
Shareholders under the Arrangement. It is anticipated that
Shareholders will receive payment for their repurchased shares on
October 7, 2022.
Additional information regarding the terms of the Arrangement is
set out in the Company's management proxy circular dated
August 26, 2022, which 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
holds some of Canada's leading
local online properties including
YP.ca, Canada411 and 411.ca. The
Company also holds the YP, Canada411 and 411
mobile applications and Yellow Pages print directories. For more
information visit www.corporate.yp.ca.
Caution Concerning Forward-Looking Statements
This 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, as at October 5, 2022. We disclaim any intention or
obligation to update any 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