ACHESON, ALBERTA -- (Marketwired) -- 06/02/16 -- ENTREC Corporation ("ENTREC" or the "Corporation") (TSX: ENT), an employee-owned heavy haul transportation and crane solutions provider, announced today that it has rescheduled its meeting (the "Meeting") to seek approval of the holders (the "Debentureholders") of its 7.00% convertible unsecured subordinated debentures due October 31, 2017 (ENT.DB) (the "Debentures") with regard to certain proposed amendments to the Debentures (the "Debenture Amendments"). The Meeting will now be held on June 10, 2016 at 4:00 pm (Mountain Time).
Although the required quorum has been achieved for the Meeting, and of the proxies voted over 64% have been voted in favour of the Debenture Amendments, the Meeting has been rescheduled to allow Debentureholders who have not yet voted sufficient time to do so.
The rescheduled Meeting also allows voters the ability to receive the favourable consent fee that, subject to the Debenture Amendments being approved and implemented, is payable in cash and equal to $20.00 per $1,000 principal amount of Debentures (the "Consent Fee") to Debentureholders that delivered and did not withdraw valid proxies voting on the Debenture Amendments on or prior to 9:00 am (Mountain Time) on June 10, 2016.
The Debenture Amendments being proposed by ENTREC remained unchanged, and are consistent with those described in ENTREC's management information circular dated May 6, 2016 previously mailed to Debentureholders and made available under the Corporation's profile on SEDAR at www.sedar.com.
"We are very pleased with the response from the Debentureholders to date and thank those numerous holders who have already voted in favour of the proposal," said John M. Stevens, ENTREC's President and Chief Executive Officer. "Given the feedback we have received from Debentureholders, we wanted to provide those who have not yet voted, more time to submit their votes."
Board Recommendation
The Board of Directors of the Corporation (the "Board") believes that the Debenture Amendments provide a number of benefits to the Corporation and its securityholders, including to the Debentureholders.
The Board UNANIMOUSLY RECOMMENDS that the Debentureholders vote FOR the Debenture Amendments.
Detailed voting instructions can be found in the management information circular and accompanying proxy form or voting instruction form. The Meeting will be held on June 10, 2016 at 4:00 pm (Mountain Time) at the offices of National Bank Financial Inc. located at 311 - 6th Avenue SW, 18th Floor, Calgary, Alberta T2P 3H2.
About ENTREC
ENTREC is an employee-owned heavy haul transportation and crane solutions provider to the oil and natural gas, construction, petrochemical, mining and power generation industries. ENTREC is listed on the Toronto Stock Exchange under the symbol ENT.
Contacts:
ENTREC Corporation
John M. Stevens
President & CEO
(780) 960-5625
ENTREC Corporation
Jason Vandenberg
CFO
(780) 960-5630
www.entrec.com
