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SOURCE IBI Group Inc.
TORONTO, July 2, 2014 /CNW/ - IBI Group Inc. ("IBI" or the "Company") (TSX: IBG) announces today that the special meeting of holders of its 7.0% convertible unsecured subordinated debentures (the "Debentures") planned for July 7, 2014 has been rescheduled to July 16, 2014. Recent voting has been encouraging and retail bondholders are now voting in greater numbers. The Company would like to allow Shareholders more time for this process to continue.
The rescheduled meeting will be held at the offices of Dentons Canada LLP, 77 King Street West, 5th Floor, TD North Tower, Toronto-Dominion Centre, Toronto, Ontario, M5K 0A1, at 10:00 a.m. (Eastern Time) on July 16, 2014. The deadline for submitting proxies has been extended to 5:00 p.m. (Eastern time) on July 14, 2014.
The meeting has been rescheduled to allow Debentureholders additional time to deposit proxies, vote on the proposed amendments to the Debentures and elect to receive their preferred consent fee. Debentureholders who may have voted AGAINST the proposed amendments will have additional time to change their vote and submit a later dated form of proxy or voting instruction form voting FOR/Consenting to the proposed amendments by 5:00p.m. (Eastern Time) on July 14, 2014.
Other than rescheduling the meeting and the deadline for submitting proxies, the Company has made no changes to the material contained in the Management Information Circular dated May 28, 2014.
The proposed amendments reflect the Company's best efforts to accommodate those Debentureholders who prefer a larger consent fee and those who want greater exposure to and participation in the turnaround underway at IBI. Subject to the passage of the amendments by Debentureholders, the two attractive options available to Debentureholders who deliver and do not withdraw valid proxies voting FOR the debenture amendments on or prior to the extended deadline of 5:00 p.m. (Eastern Time) on July 14, 2014 are:
Should the debenture amendments fail to pass, the Company could be forced to convert the debentures into common shares which will likely result in significant adverse consequences for IBI's business. IBI's ability to retain key personnel, many of whom are currently significant shareholders of IBI, may be severely diminished.
IBI encourages all debentureholders who have questions regarding the amendments to contact Scott Stewart, CEO or Stephen Taylor, CFO at 416-596-1930.
How to Vote and Who to Contact for Assistance
Debentureholders who own Debentures as of the close of business on May 28, 2014, which is the record date for the meeting, are entitled to vote with respect to the Debenture amendments.
Any IBI Debentureholders that has already voted FOR/Consented to the Debenture amendments need not take any action, as their votes will be counted. Any IBI Debentureholders that have already voted AGAINST the proposed amendments are encouraged to change their vote and vote FOR the amendments prior to 5:00 p.m. (Eastern Time) on July 14, 2014.
Debentureholders who wish to receive their consent incentive must mark the votes FOR/Consent to box on the form of proxy/consent that accompanied the amended management information circular dated May 28, 2014 and elect for Option A or B and deposit it in accordance with the instructions on the form of proxy/consent, prior to 5:00 p.m. (Eastern Time) on July 14, 2014.
Debentureholders who require assistance in completing their form of proxy/consent should immediately contact CST Phoenix Advisors, toll-free at 1-800-332-6179 or call collect at 201-806-2222 or by email at email@example.com.
About IBI Group Inc.:
The Company is a TSX listed corporation and its common shares trade under the symbol "IBG".
IBI Group is a globally integrated architecture, planning, engineering, and technology firm with over 2,600 professionals around the world. For more than 40 years, our dedicated professionals have helped clients create livable, sustainable, and advanced urban environments. We are one of the largest architecture firms in the world, and more than 300 of our staff architects, planners, designers and engineers are LEED accredited.
From high-rises to industrial buildings, schools to state-of-the-art hospitals, transit stations to highways, airports to toll systems, bike lanes to parks, we design every aspect of a truly integrated city for people to live, work, and play.
We organize our expertise into three areas:
Our collaborative and combined approach focuses not only on creating the best solutions today, but also creating the right solutions for tomorrow.
We believe cities must be designed with intelligent systems, sustainable buildings, efficient infrastructure, and a human touch. At IBI, we're defining the cities of tomorrow.
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