TDZ HOLDINGS INC. Receives Shareholder Approval to Proceed With Plan of Voluntary Dissolution
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 06/26/12 -- At an annual and special meeting held on June 26, 2012 (the "Meeting"), shareholders of TDZ Holdings Inc. (the "Corporation") voted to approve a plan to voluntarily dissolve the Corporation (the "Dissolution Plan").
Voting Results
Votes cast in favour of the resolution to approve the Dissolution Plan were in excess of:
For the purposes of paragraph (b), "Minority Shareholders" is defined as any shareholder other than Tridel Financial Corp., any affiliate of Tridel Financial Corp., or any entity directly or indirectly controlled by or any individual related to one or more of the directors of the Corporation.
Dissolution Plan
The Corporation will now make an application for clearance certificates from the Canada Revenue Agency ("CRA") to confirm that no taxes are payable that would prevent the Corporation from making a final distribution of its remaining assets to its shareholders immediately prior to dissolution.
The Corporation will also seek consent to the dissolution from the Minister of Finance (Ontario) (the "Minister").
Following the receipt of the clearance certificates from the CRA and the consent of the Ministry, the Corporation will make a distribution to its shareholders of its remaining cash, after the payment of all liabilities, in respect of their rights and interests in the Corporation.
The Corporation has estimated that approximately $250,000 will be required to settle all of its ordinary course debts, liabilities and obligations during the period prior to its dissolution, including the administrative costs associated with the Dissolution Plan (the "Dissolution Costs"). Dissolution Costs include, without limitation, the following:
The Corporation estimates that, after the payment of the Dissolution Costs, the aggregate amount of its remaining cash, which amount will be distributed to the Corporation's shareholders, will be approximately $3,350,000 (the "Final Distribution Amount").
A press release will be issued to announce a record date to determine shareholders entitled to their respective proportionate shares of the Final Distribution Amount as well as the date on which such distribution will be made.
As soon as is practicable after the Final Distribution Amount has been distributed to the Corporation's shareholders, the Corporation will file articles of dissolution seeking the voluntary dissolution of the Corporation.
Continuous Reporting
The Corporation will continue to issue reports on its operating results and matters relating to the Dissolution Plan until the date on which articles of dissolution are filed.
Forward-Looking Statements
Forward-looking statements contained in this news release involve risks and uncertainties that may cause actual results to differ materially from those contemplated by such statements. Such statements include, without limitation, estimates of the Dissolution Costs and the Final Distribution Amount.
Contacts:
TDZ Holdings Inc.
Mr. Harvey Fruitman
Executive Vice President,
Chief Financial Officer and Secretary
(416) 661-9290
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Datum: 26.06.2012 - 10:06 Uhr
Sprache: Deutsch
News-ID 1127983
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Commercial Real Estate
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