Toromont completes spin-off of Enerflex
By Toromont IndustriesNews
June 3, 2011 - Toromont Industries announced the completion of its plan to spin off its natural gas compression business, Enerflex.
June 3, 2011 – Toromont Industries announced the completion of its plan
to spin off its natural gas compression business, Enerflex. The spinoff
was approved by 99.9 per cent of shareholders voting at Toromont's
special meeting on May 16, and on May 25 the Ontario Superior Court of
Justice approved the transaction. Toromont has also received
satisfactory tax rulings and opinions from the Canada Revenue Agency.
Under the terms of the arrangement, shareholders of Toromont will
continue to own their Toromont common shares which will continue to be
represented by existing Toromont common share certificates. The
distribution record date for certificates representing Enerflex shares
will be June 7, 2011, which means that registered shareholders will
receive a certificate representing one common share of Enerflex
for each Toromont common share held of record at the close of business
on that day. Based on standard T-plus-3 settlement, in order to be a
Toromont holder of record at the close of business on June 7, a holder's
Toromont common shares must have been purchased before the close of
trading on June 2, 2011.
Common shares of Enerflex are expected to start trading on a when-issued basis on the Toronto Stock Exchange on June 3, 2011.
Toromont shareholders are encouraged to consult their brokers.
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