The Arrangement requires the approval of: (a) at least 662/3% of the votes cast by SRC Shareholders present in person or represented by proxy at the Meeting; and (b) a simple majority of the votes cast by SRC Shareholders at the Meeting after excluding the votes cast by those persons whose votes must be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”).
Of the votes cast at the Meeting, 76.70% of the SRC Shareholders voted in favour of the special resolution approving the Arrangement (69.84% after excluding the votes cast by those persons whose votes must be excluded in determining minority approval for the Arrangement pursuant to MI 61-101).
The closing of the Arrangement remains subject to certain customary conditions, including the receipt of all necessary regulatory approvals and the granting of the final order of the
SRC is a publicly-listed private equity firm focused on the natural resource sector. The company currently has investments in energy production and services, mining and agriculture. SRC creates value for its investors by applying a disciplined investment process to deploy capital while managing risk within highly cyclical sectors. SRC is a business builder that is committed to being a value-added partner with proven management teams. SRC supports its investments through active management and the provision of long-term capital, as well as strategic, financial and governance oversight. Founded in 2007, the Company is based in
Forward-Looking Information and Statements
Certain statements in this press release contain forward-looking information (collectively referred to herein as the “Forward-Looking Statements”) within the meaning of applicable securities laws including, but not limited to, statements about: the completion of the Arrangement and expected timing; the timing and anticipated receipt of required stock exchange and court approvals for the Arrangement; the ability of SRC and ADI to satisfy the other conditions to, and to complete, the Arrangement; and similar statements concerning anticipated future events, results, circumstances, performance or expectations, that reflect management’s current expectations and are based on information currently available to management of SRC. Forward-Looking Statements are based on a number of expectations or assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although SRC believes the expectations and assumptions reflected in such Forward-Looking Statements are reasonable, undue reliance should not be placed on Forward-Looking Statements because SRC can give no assurance that such expectations and assumptions will prove to be correct. The Forward-Looking Statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors, which may cause actual results or events to differ materially from those anticipated in such Forward-Looking Statements, including, but not limited to, a failure to realize the anticipated benefits of the Arrangement and to successfully integrate SRC and ADI and the failure of SRC or ADI to obtain necessary regulatory, court and other third party approvals, or to otherwise satisfy the conditions to the Arrangement, in a timely manner, or at all. See “Risk Factors” in the joint management proxy circular dated
Glen WilliamsDirector of Communications Sprott Group of CompaniesE: firstname.lastname@example.org T: 416-943-4394