|By Marketwired .||
|August 27, 2014 06:44 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/27/14 -- Coast Wholesale Appliances Inc. (TSX: CWA) ("Coast") announced today that it has completed its previously announced plan of arrangement, whereby CWAL Investments Ltd. ("CWAL") acquired all of the outstanding common shares of Coast it did not already own and holders of such shares will receive cash consideration of $4.65 for each share held (the "Arrangement"). This announcement comes following the approval of the Arrangement by Coast's shareholders on August 21, 2014 and the issuance of a final order of the Supreme Court of British Columbia on August 22, 2014 approving the Arrangement.
As part of the closing of the Arrangement, all five members of the board of directors of Coast have resigned and Harlow Burrows, Gordon Christoff and Randy Ryzak have been appointed as directors. Maurice Paquette and Gordon Howie will continue to serve as Coast's Chief Executive Officer and Chief Financial Officer, respectively.
Coast has applied for its common shares to be delisted from the Toronto Stock Exchange and expects such delisting to be effective as of the close of markets on or about September 2, 2014. In addition, Coast intends to voluntarily surrender its reporting issuer status or apply to the relevant Canadian securities regulatory authorities for an order declaring Coast to no longer be a reporting issuer.
Forward-Looking Statements and Information
Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such statements and information include statements regarding the expectation and beliefs of management and appear in a number of places and often can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements and forward-looking information include, but are not limited to, statements with respect to: the delisting of the common shares of Coast from the Toronto Stock Exchange and Coast ceasing to be a reporting issuer.
Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, Coast cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements reflect management's current beliefs and are based on information currently available to Coast. They speak only as of the date hereof, and reflect current assumptions regarding future events and operating performance. These assumptions include, without limitation, the ability of Coast to delist its common shares from the Toronto Stock Exchange and cease to be a reporting issuer.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which could cause actual results to differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, actions taken by CWAL and other factors referenced in Coast's continuous disclosure filings which are available on SEDAR at www.sedar.com.
These forward-looking statements are made as of the date hereof and Coast assumes no obligation to update or revise them to reflect new events or circumstances, other than as required by law.