Lumenpulse Shareholders Approve Going-Private Transaction
Lumenpulse Inc. (TSX: LMP) ("Lumenpulse" or the "Company"), the parent company of the Lumenpulse Group, a leading manufacturer of high performance, specification-grade LED lighting solutions, is pleased to announce that its shareholders have approved the previously-announced statutory plan of arrangement under the provisions of the Canada Business Corporations Act involving the Company and 10191051 Canada Inc., pursuant to which a group led by Mr. François-Xavier Souvay, the Founder, President and CEO of Lumenpulse, several other existing shareholders of the Company and Power Energy Corporation, a wholly-owned subsidiary of Power Corporation of Canada, will indirectly acquire all of the issued and outstanding common shares of Lumenpulse for $21.25 per share in cash.
The plan of arrangement was approved by 99.9% of the votes cast by shareholders and by 99.9% of the votes cast by shareholders other than interested shareholders at the special meeting of shareholders of Lumenpulse held earlier today.
The plan of arrangement remains subject to the approval of the Superior Court of Québec. The hearing in respect of the final order approving the plan of arrangement is scheduled to take place on June 20, 2017. Subject to obtaining the requisite Court approval, the transactions contemplated by the plan of arrangement are expected to close on or about June 21, 2017.
About Lumenpulse Group
Founded in 2006, the Lumenpulse Group designs, develops, manufactures and sells a wide range of high performance and sustainable specification-grade LED lighting solutions for commercial, institutional and urban environments. The Lumenpulse Group is a leading pure-play specification-grade LED lighting solutions provider and has earned many awards and recognitions, including several Product Innovation Awards (PIA), three Next Generation Luminaires Design Awards, two Red Dot Product Design Awards, a Lightfair Innovation Award, and an iF Design Award. The Lumenpulse Group now has 670 employees worldwide, with corporate headquarters in Montreal, Canada, and offices in Vancouver, Québec City, Boston, Paris, Florence, London and Manchester. Lumenpulse Inc., the parent company of the Lumenpulse Group, is listed on the Toronto Stock Exchange under the symbol LMP. For more information, visit www.lumenpulsegroup.com.
About Power Energy Corporation
Power Energy Corporation is a wholly-owned subsidiary of Power Corporation of Canada established in 2012, with an objective to invest in the sustainable and renewable energy sector. Power Energy invests in and develops companies that can provide stable and growing long-term recurring cash flows. Power Energy currently holds investments in two companies: Potentia Renewables Inc., a renewable energy power producer active in North America, and Eagle Creek Renewable Energy, a U.S.-based owner and operator of hydropower facilities.
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Executive Vice President and Chief Financial Officer
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "outlook", "target", "goal", "guidance", "anticipate", "plan", "foresee", "believe", or "continue", the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Such forward-looking information includes a statement relating to the anticipated timing of the completion of the proposed transaction. Forward-looking information is subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the failure of the parties to obtain the necessary Court approval or to otherwise satisfy the conditions to the completion of the transaction in a timely manner or at all. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and we do not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.