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TORONTO, Jan. 10, 2020 /CNW/ - Morneau Shepell Inc. (the "Company" or "Morneau Shepell") (TSX:MSI) confirms that it has completed its previously announced redemption of the Company's 4.75% convertible unsecured subordinated debentures that were due to mature on June 30, 2021 (the "Debentures"), in accordance with the terms of the trust indenture dated June 2, 2016, governing the Debentures.

On December 11, 2019, the Company issued a redemption notice in respect of the aggregate outstanding principal amount of $80,743,000 of the Debentures. Of that principal amount, $79,222,000 was converted at the holders' request into a total of 3,156,248 common shares of the Company at a conversion price of $25.10 per common share. The remaining $1,521,000 was redeemed today at a price of $1,000 per Debenture, plus accrued and unpaid interest thereon up to, but excluding, January 10, 2020. Following such conversions of Debentures, there are now 68,103,599 common shares of Morneau Shepell outstanding.

The Debentures, listed on the Toronto Stock Exchange under the symbol MSI.DB.A, have been delisted today from trading on the TSX.

About Morneau Shepell
Morneau Shepell is the leading provider of technology-enabled HR services that delivers an integrated approach to well-being through our cloud-based platform. Our focus is providing everything our clients need to support the mental, physical, social and financial well-being of their people. By improving lives, we improve business. Our approach spans services in employee and family assistance, health and wellness, recognition, pension and benefits administration, retirement and benefits consulting, actuarial and investment services. Morneau Shepell employs approximately 6,000 employees who work with some 24,000 client organizations that use our services in 162 countries. Morneau Shepell is a publicly traded company on the Toronto Stock Exchange (TSX: MSI). For more information, visit morneaushepell.com.

Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws, such as statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Use of words such as "may," "will," "expect," "believe," or other words of similar effect may indicate a "forward-looking" statement. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in the Company's publicly filed documents (available on SEDAR at sedar.com) and in the Company's MD&A under the heading "Risks and Uncertainties." Those risks and uncertainties include ability to maintain profitability and manage growth, reliance on information systems and technology, reputational risk, dependence on key clients, reliance on key professionals and economic conditions. Many of these risks and uncertainties can affect the firm's actual results and could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statement made by the Company or on the firm's behalf. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements in this news release are qualified by these cautionary statements. These statements are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities.

SOURCE Morneau Shepell Inc.

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