MONTRÉAL, Jan. 8, 2024
/CNW/ - LOGISTEC Corporation (TSX: LGT.A) (TSX: LGT.B)
("LOGISTEC" or the "Corporation") today announced the completion of
the previously-announced acquisition of LOGISTEC by 1443373 B.C. Unlimited Liability Company (the
"Purchaser"), an entity owned by certain funds managed by Blue Wolf
Capital Partners LLC, with preferred equity financing provided by
Stonepeak, by way of a plan of arrangement under the provisions of
the Business Corporations Act (Québec) (the "Arrangement").
Under the terms of the Arrangement, the Purchaser has acquired all
of the issued and outstanding Class A Common Shares and
Class B Subordinate Voting Shares of LOGISTEC (collectively,
the "Shares") for C$67.00 in
cash per share.
Consideration for the purchased shares of LOGISTEC has been
remitted by the Purchaser to Computershare Investor Services Inc.,
as depositary under the Arrangement, and will be paid to former
shareholders of LOGISTEC as soon as reasonably practicable after
the date hereof (or, in the case of registered shareholders, as
soon as reasonably practicable after a properly completed and
signed letter of transmittal is received by the depositary together
with the share certificate(s) and/or DRS Advice(s) representing
shares formerly held by them).
As a result of the completion of the Arrangement, the Shares
will be de-listed from the Toronto Stock Exchange shortly, and
LOGISTEC will apply to cease to be a reporting issuer in all the
provinces of Canada where it is
currently a reporting issuer.
Following the completion of the Arrangement, the Purchaser has
ownership and control, directly or indirectly, of 7,349,583 Class A
Common Shares and 5,467,030 Class B Subordinate Voting Shares of
LOGISTEC, representing collectively 100% of the issued and
outstanding Shares. Prior to the completion of the Arrangement, the
Purchaser did not own or control any securities of the Corporation.
Certain information in this news release is provided by the
Purchaser in satisfaction of the early warning requirements of
National Instrument 62-104 – Take-Over Bids and Issuer Bids.
The purpose of the Arrangement was to enable the Purchaser to
acquire 100% of the issued and outstanding Shares. The Purchaser's
address is 745 Thurlow Street, Suite 2400, Vancouver, British Columbia, Canada, V6E 0C5.
The Purchaser is incorporated under the laws of British Columbia. An early warning report in
respect of the Arrangement will be filed on SEDAR+
(www.sedarplus.ca) under LOGISTEC's issuer profile. For a
copy of the report or for further information about the Purchaser,
please contact Kate Spaziani at
(212) 488-3674 or kate@bluewolfcapital.com.
As at the date hereof, Sumanic Investments Inc. ("Sumanic") has
disposed of all of the Shares owned or controlled by it pursuant to
the Arrangement. Sumanic currently files early warning reports
pursuant to the requirements of National Instrument 62-104 –
Take-Over Bids and Issuer Bids and National Instrument
62-103 – The Early Warning System and Related Take-Over Bid and
Insider Reporting Issues with respect to LOGISTEC. An amended
early warning report, stating that Sumanic has disposed of all of
the Shares owned or controlled by it pursuant to the Arrangement
will be filed on SEDAR+ at (www.sedarplus.ca) under LOGISTEC's
issuer profile. For a copy of the report or for further information
about Sumanic, please contact Madeleine
Paquin, director of Sumanic at (514) 237-2949 or
Nicole Paquin, director of Sumanic,
at (514) 212-2325.
LOGISTEC's head office address is 600 De la Gauchetière Street
West, 14th floor, Montreal,
Quebec, Canada, H3B 4L2.
About LOGISTEC
LOGISTEC is based in Montréal (QC) and provides specialized
services to the marine community and industrial companies in the
areas of bulk, break-bulk and container cargo handling in 60 ports
and 90 terminals located in North
America. LOGISTEC also offers marine transportation services
geared primarily to the Arctic coastal trade, as well as marine
agency services to shipowners and operators serving the Canadian
market. Furthermore, the Corporation operates in the environmental
industry where it provides services to industrial, municipal and
governmental customers for the renewal of underground water mains,
dredging, dewatering, contaminated soils and materials management,
site remediation, risk assessment, and manufacturing of fluid
transportation products. More information can be obtained on the
Corporation's website at www.logistec.com.
SOURCE Logistec Corporation