MONTREAL, Dec. 5, 2023
/CNW/ - Yellow Pages Limited (TSX: Y) (the "Company"), a
leading Canadian digital media and marketing company, today
announced that the Company has obtained a final order from the
Supreme Court of British Columbia
approving the Company's previously announced arrangement under
the Business Corporation Act (British Columbia) (the "Arrangement").
Under the Arrangement, the Company will repurchase from
Shareholders pro rata an aggregate of 4,440,497 common
shares at a purchase price of $11.26
per share, which represents the volume weighted average price for
the five consecutive trading days ending the trading day
immediately prior to October 19,
2023. The Company will also advance the previously announced
voluntary incremental cash contributions to the Company's defined
benefit pension plan's (the "Pension Plan") wind-up deficit by an
amount of $12 million during the year
ending December 31, 2023, bringing
2023 cash payments to the Pension Plan's wind-up deficit to
$18 million by the end of the
year.
The Arrangement will become effective at 11:59 p.m. (Eastern time) on December 12, 2023 (the "Effective Date"). On the
Effective Date, the Company shall deliver to TSX Trust Company, as
paying agent, sufficient funds to satisfy the aggregate
consideration payable to the Shareholders under the Arrangement. It
is anticipated that Shareholders will receive payment for their
repurchased shares on December 15,
2023.
Additional information regarding the terms of the Arrangement is
set out in the Company's management proxy circular dated
October 27, 2023, which is available
under the Company's profile at www.sedarplus.ca and on the
Company's website at www.corporate.yp.ca.
About Yellow Pages Limited
Yellow Pages Limited (TSX: Y) is a Canadian
digital media and marketing company that creates opportunities for
buyers and sellers to interact and transact in the local economy.
Yellow Pages holds some of Canada's leading local online properties
including YP.ca, Canada411 and 411.ca. The Company also holds the
YP, Canada411 and 411 mobile applications and Yellow Pages print
directories. For more information visit www.corporate.yp.ca.
Caution Concerning Forward-Looking Statements
This press release contains certain forward-looking
statements about the Arrangement within the meaning of applicable
securities laws. Completion of the Arrangement is subject to a
number of risks. Risks that could impact the Arrangement are
discussed in section 5 of our August 8,
2023 Management's Discussion and Analysis. We disclaim any
intention or obligation to update any forward-looking statements,
except as required by law, even if new information becomes
available, as a result of future events or for any other
reason.
SOURCE Yellow Pages Limited