16:08:07 EDT Fri 19 Apr 2024
Enter Symbol
or Name
USA
CA



Lonestar West Inc
Symbol LSI
Shares Issued 29,457,549
Close 2017-06-14 C$ 0.71
Market Cap C$ 20,914,860
Recent Sedar Documents

Lonestar holders to vote on Clean Harbors deal July 12

2017-06-15 18:00 ET - News Release

Mr. James Horvath reports

LONESTAR WEST INC. MAILS MEETING MATERIALS FOR SPECIAL MEETING OF SHAREHOLDERS TO APPROVE THE ACQUISITION BY CLEAN HARBORS, INC.

Lonestar West Inc. has mailed an information circular and proxy statement and related meeting materials in connection with the special meeting of the shareholders of Lonestar, currently scheduled to be held at its offices at 9 a.m. Mountain Time on July 12, 2017.

At the meeting, shareholders will be asked to approve the company's previously announced transaction with Clean Harbors Inc., whereby Clean Harbors, through an indirect wholly owned subsidiary, will acquire 100 per cent of Lonestar's issued and outstanding common shares, including Lonestar shares issuable upon the exercise of outstanding options, for 72 cents per Lonestar share. The acquisition will be accomplished by way of an amalgamation pursuant to the Canada Business Corporations Act. The amalgamation must be approved by the holders of Lonestar shares, representing at least two-thirds of votes cast in person or by proxy at the meeting.

Each of the directors and officers of Lonestar and certain other principal shareholders, collectively holding approximately 35.7 per cent of the issued and outstanding Lonestar shares, have entered into agreements with Clean Harbors pursuant to which such holders have agreed to vote their Lonestar shares in favour of the amalgamation at the meeting.

The board of directors of Lonestar has unanimously approved the amalgamation, determined that the amalgamation is in the best interests of Lonestar and the Lonestar shareholders, and unanimously recommends that the Lonestar shareholders vote in favour of the amalgamation.

The meeting materials contain, among other things, details concerning the amalgamation, the background to and reasons for Lonestar's board's unanimous favourable recommendation of the amalgamation, the requirements for the amalgamation to become effective, the procedure for receiving consideration payable under the amalgamation for Lonestar shares, procedures for voting at the meeting, and other related matters. Shareholders are urged to carefully review the meeting materials, which include a copy of the proposed amalgamation agreement, as they contain important information regarding the acquisition and its consequences to shareholders. A copy of the meeting materials is available under the company's profile on SEDAR.

About Lonestar West Inc.

Based in Sylvan Lake, Alta., Lonestar West operates a fleet of 140 hydrovac, vacuum and auxiliary units throughout Western Canada, Ontario, California and the southern United States. It is focused on profitably growing its HVAC (heating, ventilation and air conditioning) services to become a major competitor in the North American market.

© 2024 Canjex Publishing Ltd. All rights reserved.