Toronto, Ontario--(Newsfile Corp. - June 14, 2021) - Brampton Brick Limited (TSX: BBL.A) ("BBL") and BBL Acquisitions Inc. ("Acquisitions") are pleased to announce that at the special meeting of the shareholders of BBL held earlier today, the shareholders of BBL approved the amalgamation of BBL and Acquisitions (the "Amalgamation"), with the corporation continuing from the Amalgamation to be known as "Brampton Brick Limited" ("Amalco"), as described in BBL's management information circular dated May 10, 2021 provided in connection with the meeting.
The Amalgamation is the second-step transaction referred to in BBL's and Acquisition's joint press release of March 22, 2021, and will enable Acquisitions to acquire all of the remaining issued and outstanding Class A Subordinate Voting shares ("Class A Shares") of BBL (TSX: BBL.A) not owned by Acquisitions or persons acting jointly or in concert with Acquisitions.
Upon the Amalgamation becoming effective, anticipated to occur before June 30, 2021, holders of Class A Shares (other than Class A Shares beneficially owned, or over which control or direction is exercised, by Acquisitions or by any shareholder of BBL who has validly exercised his right to dissent pursuant to Section 185 of the Ontario Business Corporations Act) will be entitled to receive a redeemable preferred share of Amalco, which will then be redeemed by Amalco at a price of $12 per share.
Following the Amalgamation, Amalco will apply to delist the Class A Shares from the Toronto Stock Exchange and to cease to be a reporting issuer under each of the Provinces of Canada in which it is a reporting issuer.
Brampton Brick Limited is Canada's second largest manufacturer of clay brick, serving markets in Ontario, Quebec and the Northeast and Midwestern United States from its brick manufacturing plants located in Brampton, Ontario and Farmersburg, Indiana. To complement the clay brick product line, the Company also manufactures a range of concrete masonry products, including concrete brick and block as well as stone veneer products. Concrete interlocking paving stones, retaining walls, garden walls and enviro products are manufactured and distributed from facilities in Markham, Hillsdale, Brockville, Cambridge and Brampton, Ontario, in Boisbriand, Quebec and in Wixom, Michigan, and sold to markets in Ontario, Quebec, Michigan, New York, Pennsylvania, Ohio, Kentucky, Illinois and Indiana under the OaksTM and BoehmersTM trade names. The Company's products are used for residential construction and for industrial, commercial, and institutional building projects.
For more information please contact:
Jeffrey G. Kerbel
President, Chief Executive Officer and Chairman of the Board, Brampton Brick Limited
President and Chief Executive Officer, BBL Acquisitions Inc.
Tel: 905 840-1011
Email: jkerbel@kerbel.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/87533
