VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 22, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
Coast Wholesale Appliances Inc. (TSX:CWA) ("Coast") announced today that it has obtained a final order from the Supreme Court of British Columbia approving the previously announced plan of arrangement under Section 192 of the Canada Business Corporations Act to implement a subsequent acquisition transaction pursuant to the arrangement agreement between Coast and CWAL Investments Ltd. ("CWAL") dated July 14, 2014 (the "Arrangement"). The final order follows the adoption of a special resolution approving the Arrangement by shareholders at Coast's special meeting held on August 21, 2014.
Under the Arrangement, CWAL will acquire all of the outstanding common shares of Coast it does not currently own and holders of such shares will receive cash consideration of $4.65 for each share held.
Following the closing of the Arrangement, which is expected to take place on August 27, 2014, the common shares of Coast will be delisted from the Toronto Stock Exchange and Coast will voluntarily surrender its reporting issuer status or apply to the relevant Canadian securities regulatory authorities for an order declaring Coast to no longer be a reporting issuer.
Forward-Looking Statements and Information
Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such statements and information include statements regarding the expectation and beliefs of management and appear in a number of places and often can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements and forward-looking information include, but are not limited to, statements with respect to: the closing of the Arrangement, the delisting of the common shares of Coast from the Toronto Stock Exchange and Coast ceasing to be a reporting issuer.
Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, Coast cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements reflect management's current beliefs and are based on information currently available to Coast. They speak only as of the date hereof, and reflect current assumptions regarding future events and operating performance. These assumptions include, without limitation, the ability of each of Coast and CWAL to complete the Arrangement by the expected effective date.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which could cause actual results to differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, actions taken by CWAL and other factors referenced in Coast's continuous disclosure filings which are available on SEDAR at www.sedar.com.
These forward-looking statements are made as of the date hereof and Coast assumes no obligation to update or revise them to reflect new events or circumstances, other than as required by law.