◎ShawCorが二重株式構造を除くために支配株主と合意

AsiaNet 51829

共同JBN 0035 （2013.1.15）

【トロント2013年1月15日PRN=共同JBN】ShawCor Ltd.（トロント証券取引所：SCL.A、SCL.B）は15日、同社取締役会が慎重な分析、検討、および独立取締役による特別委員会（「特別委員会」）の助言、独立財務および法律顧問による助言を得て、「特別委員会」がShawCor社の支配株主（「支配株主」）と交渉を重ねてきた組織変更提案に関する正式契約に、全員一致で合意し契約は成立したと発表した。同社会長および副会長は今回の取引についての採決を棄権した。

今回提案された組織変更はカナダ事業会社法に基づき、裁判所が承認した取り決め案に従って実行される。今回の取り決めを検討する株主総会が今年3月の遅い時期に開催される予定。この取り決めには、関連証券法規に基づく承認が必要な事に加え、ShawCor株主による取引を承認する旨の特別議決が必要である。

さらにこの取り決めには、オンタリオ上級司法裁判所が株主総会の後に開催する予定の審理で承認することが必要である。承認されれば、この取り決めは2013年第1四半期の遅い時期かまたは第2四半期の早い時期に完了する予定である。

「特別委員会」は独立した公正意見書を得るためにTD Securities Inc.を財務顧問として雇い、Stikeman Elliott LLPからは独立法律関連の助言を得た。委任状勧誘エージェントとしてKingsdale Shareholder Services Inc.を雇っている。

▽取引条件

今回の組織変更はShawCorの二重株式構成の排除を意図したもので、これは新たに設立されるカナダ法人がShawCorのA株およびB株を買収することで行われる。この新法人はShawCorのすべてのA株を新普通株と1対1の割合で交換することによって買収する。新法人はまた、ShawCorのすべてのB株を新普通株と現金との組み合わせと交換することによって買収する。ShawCorのB株に対する支払総額はB株1株あたり現金43.43ドルまたは普通株1.1株であり、その結果、支払総額の90%は現金で支払われ、10%は新普通株で支払われることになる予定。取引が完了した段階で、すべての残った株式1株に対して1ドルの特別配当が支払われることになっており（特別配当の計上および支払時期は未定である）、新法人とShawCorは合併してShawCor Ltd.になる。すべての発行済み株式は結果として同じ普通株になる。

最終的な組織変更提案には特に、ShawCor株主の承認書の受領、トロント証券取引所の承認書の受領、裁判所による承認書の受領、ShawCorおよび関連法規に関して重大な事態の変更がないこと、さらに組織変更で意図された取引を完了させるために必要な十分な資金があることが含まれている。ShawCor取締役会は、また株主に対する推薦を変更する「推薦の撤回」の権限を保持することになっている。

▽取締役会と「特別委員会」の推薦

取締役会と「特別委員会」は正式契約を承認し、株主（支配株主以外）に対して組織変更の提案に賛成票を投じるよう推薦するに当たって、TD Securitiesの公正意見書および組織変更提案の公正さに関する多くの他の要因を検討した。

取締役会と「特別委員会」が検討した公正さに関する要因には以下のものが含まれる。

＊組織変更の取引は、1株当たり利益の点から見て、ShawCorのプラスになると見込まれている。

＊現在の株価に対するプレミアムおよび結果としてA株主の希釈化が起きるが、これは同様の取引に見られる一般的な先例の範囲内である。

＊「特別委員会」はTD Securitiesから取り決めに従ってB株の株主に支払われる支払総額は財務的に見て、支配株主は別として、A株・B株所有者に公平であるという趣旨の公正意見を得ている。

＊今後B株をなくすことによって、取引の完了後は支配株取引に変化をもたらす可能性がある。多くの投資運用先が二重株式構成をもつ企業に対する投資を閉め出している現在、今後ShawCorは単純な株式構成になるため、株主ベースの多様化、また、流動性の増加と共に、資金調達の柔軟性が高まると期待されている。

＊今回の取引は株主および裁判所の承認が条件になっており、株主は異議を申し立てる権利を持っている。

＊取引の終了後、すべての残っている株主は1株当たり1ドルの特別配当を受け取ることになっている。

▽投資家に対する通知

本ニュースリリースは情報を提供するためだけの目的で、株式を買うためのオファーでも、売るための勧誘でもない。

ShawCor Ltd.はパイプライン、パイプ・サービス、石油・ガス産業のなかの石油化学、工業分野に向けた製品、サービスに特化したエネルギー・サービス企業である。同社は8事業部門を持ち、世界で70を超す製造およびサービス施設を運営している。

▽問い合わせ先

Kingsdale Shareholder Services Inc,

Call North America toll-free: +1-877-657-5859

Banks and brokers call collect: +1-416-867-2272

ソース：ShawCor Ltd.

ShawCor Enters Into Agreement With Its Controlling Shareholder To Eliminate Its Dual Class Share Structure

PR51829

TORONTO, Jan. 15, 2013 /PRN=KYODO JBN/ --

                               (TSX: SCL.A, SCL.B)

ShawCor Ltd. (TSX: SCL.A, SCL.B) ("ShawCor" or the "Company") announced today

that the Board of Directors of ShawCor, after careful analysis, consideration

and advice from the special committee of independent directors (the "Special

Committee"), and advice from independent financial and legal advisors, has

unanimously approved and the Company has entered into a definitive agreement

with respect to a reorganization proposal negotiated by the Special Committee

with ShawCor's controlling shareholder (the "Controlling Shareholder"). The

Chair and the Vice-Chair abstained from voting on the transaction.

The proposed reorganization is to be implemented pursuant to a court-approved

plan of arrangement under the Canada Business Corporations Act. The

shareholders' meeting to consider the arrangement is expected to take place in

late March of this year. The arrangement will require a special resolution of

ShawCor shareholders approving the transaction in addition to approvals

required under applicable securities laws.

The arrangement also requires approval by the Ontario Superior Court of Justice

at a hearing to be held following the shareholders' meeting. If approved, the

arrangement is expected to close late in the first quarter of 2013 or early in

the second quarter.

The Special Committee retained TD Securities Inc. ("TD Securities") to act as

its financial advisor and to provide an independent fairness opinion, and

received independent legal advice from Stikeman Elliott LLP. Kingsdale

Shareholder Services Inc. has been retained as proxy solicitation agent.

Terms of the Transaction

The reorganization proposal contemplates the elimination of ShawCor's dual

class share structure through the purchase of all of the Class A and Class B

shares of ShawCor by a newly formed Canadian corporation. The new corporation

would purchase all of the Class A shares of ShawCor in exchange for new common

shares on a 1:1 basis. The new corporation would also acquire all of the Class

B shares of ShawCor in exchange for a mix of new common shares and cash. The

consideration paid for the Class B shares of ShawCor will be $43.43 in cash or

1.1 new common shares per Class B share, such that 90% of the total

consideration will be paid in cash and 10% of the total consideration will be

paid in new common shares. At closing, a special dividend of $1.00 per share

would be paid on all remaining shares (the record and payment dates for such

dividend remain to be determined) and the new corporation and ShawCor would

amalgamate, under the name ShawCor Ltd. All issued and outstanding shares would

as a result be the same class of common shares.

The closing conditions of the reorganization proposal include, among others,

receipt of required ShawCor shareholder approvals, receipt of Toronto Stock

Exchange approval, receipt of court approvals, there being no material adverse

change in the affairs of ShawCor or applicable laws, and sufficient financing

being available to complete the transactions contemplated in the

reorganization. ShawCor's board would also retain a "fiduciary out" ability to

change its recommendation to shareholders.

Recommendation of the Board and the Special Committee

In approving the definitive agreement and making its recommendation that

shareholders (other than the Controlling Shareholder) vote in favour of the

reorganization proposal, the Board of Directors and the Special Committee

considered the fairness opinion prepared by TD Securities and a number of other

factors relating to the fairness of the reorganization proposal.

The factors relating to fairness considered by the Board and the Special

Committee included, among others, the following:

    -- The reorganization transaction is expected to be accretive to ShawCor

       from an earnings per share perspective.

    -- The premium to the current trading price and resulting dilution to

       Class A shareholders is within the range of precedents generally for

       similar types of transactions.

    -- The Special Committee has received a fairness opinion from TD Securities

       that the consideration to be paid to the Class B shareholders pursuant

       to the Arrangement is fair, from a financial point of view, to the

       Class A and Class B shareholders, other than the Controlling

       Shareholder.

    -- The elimination of the Class B shares may facilitate future change of

       control transactions following the completion of the transaction. It

       will also result in a widely held single class structure, and is

       expected to diversify ShawCor's shareholder base, as many investment

       mandates exclude investment in companies with dual class structures, and

       to increase liquidity and provide for enhancing financing flexibility

       going forward.

    -- The transaction is subject to shareholder and court approval, and

       shareholders will be provided with dissent rights.

    -- After completion of the transaction, all remaining shareholders will

       receive a $1.00 per share special dividend.

Notice to Investors

This news release is for informational purposes only and is not an offer to buy

or the solicitation of an offer to sell any securities.

Forward Looking Information

This document includes certain statements that reflect the Board's and the

Special Committee's expectations and objectives for the Company's future

performance, opportunities and growth, which statements constitute

forward-looking information under applicable securities laws. Such statements,

other than statements of historical fact, are predictive in nature or depend on

future events or conditions. Forward looking information involves estimates,

assumptions, judgments and uncertainties. These statements may be identified by

the use of forward-looking terminology such as "may", "will", "should",

"anticipate", "expect", "believe", "predict", "estimate", "continue", "intend",

"plan", "possibility" and "unlikely", and variations of these words or other

similar expressions.

Forward looking information involves known and unknown risks and uncertainties

that could cause actual results to differ materially from those predicted by

the forward looking information. We caution readers not to place undue reliance

on forward looking information, as a number of factors could cause actual

events, results and prospects to differ materially from those expressed in or

implied by the forward looking information. Significant risks facing the

Company include, but are not limited to: changes in global or regional economic

activity and changes in energy supply and demand, which impact on the level of

drilling activity and pipeline construction; exposure to product and other

liability claims; shortages of or significant increases in the prices of raw

materials used by the Company; compliance with environmental, trade and other

laws; political, economic and other risks arising from the Company's

international operations; fluctuations in foreign exchange rates, as well as

other risks and uncertainties, as more fully described under the heading "Risks

and Uncertainties" in the Company's annual MD&A; as well as the possible

effects of a change of control or other significant transaction.

When considering the forward looking information in making decisions with

respect to the Company, readers should carefully consider the foregoing factors

and other uncertainties and potential events. The Company does not assume the

obligation to revise or update forward looking information after the date of

this document or to revise it to reflect the occurrence of future unanticipated

events, except as may be required under applicable securities laws.

Additional Information

The foregoing description of the proposed transaction does not purport to be

complete and is qualified in its entirety by reference to the copy of the

definitive agreement entered into by ShawCor in respect of the reorganization

proposal, which will be available at www.sedar.com. ShawCor cautions

shareholders and others considering trading in securities of ShawCor that the

reorganization proposal is subject to certain material conditions, some of

which are beyond ShawCor's control, including shareholder and court approval,

and there can be no assurance that the transaction contemplated by the

reorganization proposal, or any other transaction, will be completed.

ShawCor Ltd. is an energy services company specializing in products and

services for the pipeline and pipe services and the petrochemical and

industrial segments of the oil and gas industry. The Company operates through

eight divisions with over seventy manufacturing and service facilities located

around the world.

For further information:

Kingsdale Shareholder Services Inc,

Call North America toll-free: +1-877-657-5859

Banks and brokers call collect: +1-416-867-2272

SOURCE:  ShawCor Ltd.