TORONTO, ONTARIO--(Marketwired - Feb. 11, 2014) - The Board of Directors of Toromont Industries Ltd. (TSX:TIH) (the "Corporation") has approved an amendment to the Corporation's by-laws to include an advance notice provision (the "Advance Notice Provision"). Among other things, the Advance Notice Provision creates a deadline by which holders of record of common shares of the Corporation must submit director nominations to the Corporation prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Corporation for the nominations to be valid.
The Advance Notice Provision is intended to: (i) facilitate an orderly and efficient process for conducting annual general or special meetings; (ii) ensure that all shareholders receive adequate notice of the director nominations and sufficient information regarding all director nominees; and (iii) allow shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation.
The by-law amendment is effective immediately and will be placed before shareholders for ratification and confirmation at the next annual meeting of shareholders of the Corporation. A copy of the by-law amendment has been filed under the Corporation's SEDAR profile at www.sedar.com.
Toromont Industries Ltd. operates through two business segments: The Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory in addition to industry leading rental operations. CIMCO is a market leader in the design, engineering, fabrication and installation of industrial and recreational refrigeration systems. Both segments offer comprehensive product support capabilities. This press release and more information about Toromont Industries can be found on the Web at www.toromont.com.