Cunningham Lindsey Group Inc.

Cunningham Lindsey Group Inc.

December 14, 2007 17:01 ET

Cunningham Lindsey Group Inc. Announces Results of the Special Shareholders Meeting to Approve Going Private Transaction

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2007) - Cunningham Lindsey Group Inc. (TSX:LIN) ("Cunningham Lindsey") today announced that its shareholders approved by a special resolution, the amalgamation of Cunningham Lindsey with Cunningham Lindsey Canada Limited, a wholly-owned subsidiary of the Corporation, and 6851207 Canada Limited, a wholly-owned subsidiary of Fairfax Financial Holdings Limited (the "Amalgamation"). The vote was passed with the approval of all of the votes cast by holders of multiple voting shares, over 99.9% of the votes cast by holders of subordinate voting shares and over 99.9% of the votes cast by the minority holders of subordinate voting shares. The Amalgamation will be effective on or around December 17, 2007. Following the Amalgamation, all subordinate voting shares of Cunningham Lindsey will be de-listed from the Toronto Stock Exchange. All holders of subordinate voting shares of Cunningham Lindsey, other than Fairfax and its affiliates, as well as those shareholders who have properly exercised a right of dissent, will be entitled to receive C$3.20 per share by way of redeemable preferred shares of the amalgamated corporation, all as more fully described in the meeting materials mailed to shareholders in connection with the special meeting to approve the Amalgamation.

As previously announced, following the Amalgamation, Trident IV, L.P., a private equity fund managed by Stone Point Capital LLC, and certain affiliated entities will acquire a 51% interest in a newly formed holding company that will own the operating business of Cunningham Lindsey, and Cunningham Lindsey will own a 45% interest and certain members of management will own the remaining 4% interest.

About Cunningham Lindsey

Cunningham Lindsey is one of the leading insurance loss-adjusting groups worldwide. Through its operating subsidiaries, Cunningham Lindsey Group provides a wide range of independent insurance claims services, including claims adjusting, appraisal and claims and risk management. It has a global network of approximately 4,000 professionals located in 357 locations throughout Canada, the United States, the United Kingdom, continental Europe, the Far East, Latin America and the Middle East. Beyond its core loss adjusting services, Cunningham Lindsey Group provides engineering consultancy, risk management, risk surveys, environmental remediation, valuations and related services as well as claims appraisal training and education courses in the United States.

Contact Information

  • Cunningham Lindsey Group Inc.
    Jan Christiansen
    President and Chief Executive Officer
    (847) 517-3300 Ext. 3333