BOUCHERVILLE, QUÉBEC--(Marketwired - Nov. 15, 2016) - RONA inc. (TSX:RON.PR.A)(TSX:RON.PR.B) ("RONA" or the "Corporation") announced today that the holders (collectively, the "Preferred Shareholders") of record of its Cumulative 5-Year Rate Reset Series 6 Class A Preferred Shares and Cumulative Floating Rate Series 7 Class A Preferred Shares (collectively, the "Preferred Shares") have approved the statutory plan of arrangement for the acquisition of the Preferred Shares by Gestion Lowe's Canada, Inc., a wholly-owned subsidiary of Lowe's Companies, Inc., for C$24 per Preferred Share, in cash, at the special meeting held today pursuant to the arrangement agreement dated Oct. 6, 2016 (the "Arrangement").
The Arrangement was approved by 95.19% of the votes cast by the Preferred Shareholders present in person or represented by proxy at the special meeting.
The completion of the Arrangement remains subject to the granting of the final order by the Québec Superior Court and the satisfaction or waiver of the other customary closing conditions. If court approval is obtained and the other conditions to the completion of the Arrangement are satisfied or waived, RONA expects that the Arrangement will be completed on or about Nov. 18, 2016.
This press release includes forward-looking statements that involve risks and uncertainties. All statements other than statements of historical facts included in this press release may constitute forward-looking statements within the meaning of the Canadian securities legislation and regulations. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "plan," "foresee," "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. Although the Corporation believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct.
In respect of the forward-looking statements and information concerning the outcome of the Arrangement, the Corporation has provided such in reliance on certain assumptions that it believes are reasonable at this time, including assumptions as to the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary court approval; and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Arrangement. Forward-looking statements are provided for the purpose of assisting investors and others in understanding certain key elements of the Corporation's objectives, strategic priorities, management's current expectations and plans, and in obtaining a better understanding of the Corporation's business and anticipated operating environment as at and for, the periods ended on certain dates and the reader is cautioned that such statements may not be appropriate for other purposes. Investors and others are cautioned that undue reliance should not be placed on any forward-looking statements.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Risks and uncertainties inherent in the nature of the Arrangement include the failure of the parties to obtain the necessary court approval or to otherwise satisfy the conditions to the completion of the Arrangement, in a timely manner, or at all. Failure to obtain such approval or the failure of the parties to otherwise satisfy the conditions to or complete the Arrangement, may result in the Arrangement not being completed on the proposed terms, or at all. Readers are cautioned that the foregoing list of factors is not exhaustive. For more information on the risks and uncertainties that could cause the Corporation's actual results to differ materially from current expectations, and about material factors or assumptions applied in making forward-looking statements, please also refer to the Corporation's public filings available at www.sedar.com. In particular, further details and descriptions of these and other factors are disclosed in the "Risks and uncertainties" section of the Corporation's Management's Discussion and Analysis for the fiscal year ended December 27, 2015 and in the "Risk Factors" and "Critical Accounting Policies and Estimates" sections of Lowe's Companies, Inc. annual report on Form 10‐K dated March 28, 2016 and quarterly report on Form 10‐Q dated September 2, 2016, which are available on EDGAR at www.sec.gov or on SEDAR at www.sedar.com.
The forward-looking statements in this Press Release reflect the Corporation's expectations as at the date hereof, and are subject to change after this date. The Corporation expressly disclaims any obligation or intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by the applicable securities laws.
Acquired by Lowe's Companies, Inc. on May 20, 2016, RONA inc. is a major Canadian retailer and distributor of hardware, building materials and home renovation products. RONA operates a network of close to 500 corporate and independent affiliate dealer stores in a number of complementary formats. RONA serves its network of stores and several independent dealers operating under other banners, including Ace, for which RONA owns the licensing rights and is the exclusive distributor in Canada. With more than 17,000 employees in corporate stores and more than 5,000 employees in the stores of its independent affiliate dealers, the Corporation generated annual consolidated sales of $4.2 billion for fiscal year 2015. For more information, visit www.rona.ca.