Brief: FirstService Corp Enters Into Agreement With Company's Founder

FirstService

12/03/2019 20:41

March 12 (Reuters) - FirstService Corp  FSV.TO :
    * FIRSTSERVICE TO SETTLE LONG-TERM INCENTIVE ARRANGEMENT AND
ELIMINATE DUAL CLASS VOTING STRUCTURE
    * FIRSTSERVICE CORP - ENTERED INTO AN AGREEMENT WITH JAY S.
HENNICK, COMPANY'S FOUNDER, CHAIRMAN AND LARGEST VOTING
SHAREHOLDER
    * FIRSTSERVICE - DISINTERESTED HOLDERS OF CO'S SUBORDINATE
VOTING
SHARES TO BE GIVEN CHANCE TO APPROVE DEAL TO SETTLE RESTATED MSA
ENTERED FEB 1, 2004
    * FIRSTSERVICE CORP - T. ROWE PRICE ASSOCIATES ADVISED
FIRSTSERVICE THAT IT SUPPORTS TRANSACTION
    * FIRSTSERVICE CORP - IMMEDIATELY AFTER DEAL CLOSE, HENNICK
EXPECTED TO HAVE CONTROL AND DIRECTION OVER 5.8 MILLION
SUBORDINATE VOTING SHARES
    * FIRSTSERVICE CORP - CASH PAYMENT UNDER TRANSACTION IS
EXPECTED
TO BE FUNDED VIA COMPANY'S REVOLVING CREDIT FACILITY
    * FIRSTSERVICE CORP - FIRSTSERVICE WILL PAY $62.9 MILLION IN
CASH
ISSUE 2.9 MILLION SUBORDINATE VOTING SHARES AT A PRICE OF
CDN$115.58/SHARE IN DEAL
    * FIRSTSERVICE CORP - BOARD RECOMMENDS THAT FIRSTSERVICE
SHAREHOLDERS APPROVE TRANSACTION

Source text for Eikon:  ID:nGNX21JwGV 
Further company coverage:  FSV.TO 

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