CALGARY, ALBERTA--(Marketwire - Feb. 21, 2013) - ATCO Ltd. (TSX:ACO.X)(TSX:ACO.Y) announced today that it will ask its share owners to approve a special resolution at the May 16, 2013, annual and special meeting to increase the number of Class I Non-Voting Shares that it is authorized to issue. If share owners approve this special resolution, ATCO intends to split its Class I Non-Voting Shares and Class II Voting Shares on a two-for-one basis by way of a share dividend in 2013.
ATCO intends to undertake the share splits because the market prices for the Class I Non-Voting Shares and the Class II Voting Shares have significantly increased in past years. The share splits would be intended to make the Class I Non-Voting Shares and the Class II Voting Shares more readily accessible to individual share owners, to increase and broaden ATCO's share owner base, and to improve the liquidity of the market for the shares. The share splits would not change a share owner's proportionate ownership in ATCO.
The articles of ATCO limit the number of Class I Non-Voting Shares that ATCO is authorized to issue to 100,000,000. At December 31, 2012, 50,679,056 Class I Non-Voting Shares were outstanding. Accordingly, ATCO cannot complete even a two-for-one split of the Class I Non-Voting Shares unless the articles are amended to increase the number of Class I Non-Voting Shares that it is authorized to issue.
Holders of the Class II Voting Shares may vote on all items of business at the annual meeting. Holders of the Class I Non-Voting Shares will vote separately as a class on the special resolution to increase the number of Class I Non-Voting Shares that ATCO is authorized to issue, but are not otherwise entitled to vote.
The record date for the annual and special meeting is March 28, 2013. Share owners whose names are entered in the applicable register at the close of business on that date will be entitled to receive notice of and to attend and vote at the meeting. If a share owner transfers the ownership of any shares after the record date and the transferee of those shares establishes ownership of the shares and demands, not later than 10 days before the meeting, to be included in the list of share owners eligible to vote at the meeting, then such transferee will be entitled to vote those shares at the meeting.
ATCO Ltd., with more than 9,400 employees and approximately $14 billion in assets, delivers service excellence and innovative business solutions worldwide with leading companies engaged in structures & logistics (manufacturing, logistics and noise abatement), utilities (pipelines, natural gas and electricity transmission and distribution), energy (power generation, natural gas gathering, processing, storage and liquids extraction) and technologies (business systems solutions). More information can be found at www.atco.com.