DARTMOUTH, NS, June 27, 2018 /CNW/ - Newfoundland Capital
Corporation Limited (TSX: NCC.A, NCC.B) (the "Company") announced
today that its shareholders have approved the Company's plan of
arrangement involving the Company, Stingray Digital Group Inc.
(TSX: RAY.A, RAY.B) and 10643432 Canada Inc. as described in the
Company's Management Information Circular dated May 23, 2018. Shareholders voted 99.996% in
favour of the transaction, with 0.004% of the votes against. Over
95% of the eligible votes were represented at the meeting.
The transaction remains subject to final court approval as well
as Canadian Radio-television and Telecommunications Commission
approval, and is expected to close in the next three to six
months.
About Newfoundland Capital Corporation Limited
Newfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) owns
and operates Newcap Radio which is one of Canada's leading radio broadcasters with 101
broadcast licences (72 radio stations and 29 repeating signals)
across Canada. The Company reaches
millions of listeners each week through a variety of formats and is
a recognized industry leader in radio programming, sales and
networking.
About Stingray
Stingray Digital Group Inc. (TSX:
RAY.A, RAY.B) is the world-leading provider of multiplatform music
services, and digital experiences for pay TV operators, commercial
establishments, OTT providers, mobile operators, and more.
Stingray's services include audio television channels, premium
television channels, 4K UHD
television channels, karaoke products, digital signage, in-store
music, music apps, and more. Geared towards individuals and
businesses alike, Stingray reaches 400 million subscribers (or
users) in 156 countries and its mobile apps have been downloaded
over 90 million times. Stingray is headquartered in Montreal and currently has close to 400
employees worldwide. For more information: www.stingray.com.
This news release may contain "forward-looking information"
within the meaning of applicable Canadian securities legislation.
Such forward-looking information includes information with respect
to the Company's goals, beliefs, plans, expectations,
anticipations, estimates and intentions. Forward-looking
information is identified by the use of terms and phrases such as
"may", "would", "should", "could", "expect", "intend", "estimate",
"anticipate", "plan", "foresee", "believe", and "continue", or the
negative of these terms and similar terminology, including
references to assumptions. Please note, however, that not all
forward-looking information contains these terms and phrases.
Forward-looking information in this document includes timing and
completion of the Transaction which is conditional upon regulatory
approval and several other conditions. Forward-looking information
is based upon a number of assumptions and is subject to a number of
risks and uncertainties, many of which are beyond the Company's
control. These risks and uncertainties could cause actual results
to differ materially from those that are disclosed in or implied by
such forward-looking information. Additional risks and
uncertainties include, but are not limited to, the risk factors
identified in the Company's Annual Information Form (AIF) dated
March 8, 2018, which is available on
SEDAR at www.sedar.com. Consequently, all of the forward-looking
information contained herein is qualified by the foregoing
cautionary statements, and there can be no guarantee that the
results or developments that the Company anticipates will be
realized or, even if substantially realized, that they will have
the expected consequences or effects on the
Company's business, financial condition or results of
operation. Unless otherwise noted or the context otherwise
indicates, the forward-looking information contained herein is
provided as of the date hereof, and the Company does not undertake
to update or amend such forward-looking information whether as a
result of new information, future events or otherwise, except as
may be required by applicable law.
SOURCE Newfoundland Capital Corporation Limited