TSX Trading symbol: U
The special meeting has been called for shareholders of UPC to consider the proposed plan of arrangement among UPC and shareholders of UPC,
In accordance with the terms of the interim order of the
Pursuant to the arrangement agreement for the Transaction, as amended (the "Arrangement Agreement") and as further described in the Circular, among other things: (a) shareholders of UPC will receive one-half of one unit of the Trust (each whole unit of the Trust, a "Trust Unit") in exchange for each Common Share (unless, and subject to certain limits and eligibility, an eligible holder elects to receive, for each Common Share, one-half of one redeemable preferred share of Exchangeco, which are exchangeable on a one whole redeemable preferred share of Exchangeco for one Trust Unit basis); and (b) UPC will become a subsidiary of the Trust. Subject to UPC obtaining the requisite approval from shareholders of UPC at the special meeting, and the satisfaction of other conditions precedent in accordance with the terms of the Arrangement Agreement, the Transaction is expected to close in the early third quarter of 2021.
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Caution Regarding Forward-Looking Information
This press release contains certain forward-looking statements and forward-looking information that are based on UPC's current internal expectations, estimates, projections, assumptions and beliefs. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intent", "estimate", "anticipate", "plan", "should", "believe" or "continue" or the negative thereof or variations thereon or similar terminology and include statements with respect to: the proposed Transaction and the described elements thereof, including the anticipated timing of closing and the ability of the parties to complete the Transaction as described; and UPC's investment objectives.
By their very nature, forward-looking statements involve numerous factors, assumptions and estimates. A variety of factors, many of which are beyond the control of UPC, may cause actual results to differ materially from the expectations expressed in the forward-looking statement. These factors include, but are not limited to, potential changes in the terms of the Transaction and/or Arrangement Agreement and/or the inability to satisfy the conditions to completion of the Transaction which could result in the termination of the Arrangement Agreement, including the inability to obtain the required approvals from UPC's shareholders at the Meeting and/or the emergence of a superior proposal. There is a risk that the currently anticipated benefits of a completed Transaction may not be achieved. For a description of the principal risks of UPC, see "Risk Factors" in UPC's Annual Information Form dated
These and other factors should be considered carefully, and readers are cautioned not to place undue reliance on these forward-looking statements. Although management reviews the reasonableness of its assumptions and estimates, unusual and unanticipated events may occur which render them inaccurate. Under such circumstances, future performance may differ materially from those expressed or implied by the forward-looking statements. Except where required under applicable securities legislation, UPC does not undertake to update any forward-looking information statement.
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