Samuel Manu-Tech Inc. Shareholders
September 9, 2010 -- Toronto, ON, Canada
Samuel Manu-Tech Inc. (“SMT” or the “Company”) (TSX – SMT), a leading North American industrial products and technology company, today reported that Samuel Manu-Tech’s shareholders passed a special resolution to approve the amalgamation of SMT and Samuel, Son Acquisition Corporation (“Subco”), a wholly-owned subsidiary of Samuel, Son & Co. Limited (“Samuel”), pursuant to which the holders of SMT common shares (other than Subco) will receive $7.50 per share. Following the amalgamation, SMT will be a wholly-owned subsidiary of Samuel and the common shares of SMT will be de-listed from the TSX. The special resolution was approved by approximately 99.77% of the votes cast by holders of common shares and approximately 98.88% of the votes cast by “minority” holders of common shares (shareholders other than Samuel and certain related parties) at SMT’s special meeting of shareholders. It is expected that the amalgamation will be consummated today and that the common shares of SMT will be de-listed from the TSX within the next few days.
On or about August 12, 2010, letters of transmittal were mailed to SMT’s shareholders of record as of the close of business on August 4, 2010. Registered shareholders must deliver their duly completed and executed letters of transmittal together with the certificate(s) representing their common shares of SMT to Computershare Investor Services Inc. in Toronto, Ontario in order to receive the cash to which they are entitled. Non-registered beneficial shareholders, whose SMT common shares are held in an account at a financial intermediary, such as a brokerage firm, bank or dealer, will not be sent a letter of transmittal and will receive the cash to which they are entitled through their financial intermediary.
About Samuel Manu-Tech Inc.
Samuel Manu-Tech Inc. (SMT-TSX) is a leading North American industrial products and technology company producing and distributing a wide range of steel, plastic and related industrial products and services from locations in Canada, United States and Mexico.
About Samuel, Son & Co., Limited
Samuel, Son & Co., Limited is the fifth largest metal service centre and the largest privately held metal service centre in North America, with locations across both Canada and the United States, as well as locations in Mexico, the United Kingdom, Australia and China.
Forward looking information
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. We do not intend to update this information and disclaim any legal obligation to the contrary.
For further information, please contact:
John D. Amodeo
Vice President and Chief Financial Officer
Samuel Manu-Tech Inc.
185 The West Mall, Suite 1500
Toronto, Ontario M9C 5L5
Tel: (416) 626-2190