The Toronto Stock Exchange reports that Yellow Pages Ltd. will distribute to its shareholders approximately $50-million by way of a share repurchase from all shareholders pursuant to a statutory arrangement under the Business Corporations Act (British Columbia). According to the TSX, the arrangement is being effected pursuant to a plan of arrangement, which provides that the company will repurchase from shareholders pro rata an aggregate of 4,440,497 shares at a purchase price of $11.26 per repurchased share, representing the volume weighted average price of the shares for the five consecutive trading days ending the trading day immediately prior to Oct. 19, 2023.

The TSX notes that the record date for the repurchase is Dec. 12, 2023. Pursuant to the terms of the plan of arrangement, the arrangement will become effective at 11:59 p.m. Eastern Time on Dec. 12, 2023. For trading purposes, the effective date of Dec. 12, 2023, is used as record date in order to establish shareholders' pro rata entitlement to the arrangement. It is expected that shareholders will receive payment in return for their repurchased shares on Dec. 15, 2023. The repurchase price is $11.26 per share. As the shares are registered in the CDS book-based system, shareholders need not take any action with respect to the arrangement in order to receive the repurchase price to which they are entitled.

According to the TSX, the shares will begin trading on a postarrangement basis at the open on Dec. 11, 2023, under the symbol Y and Cusip No. 985572 10 6. For more information, see the company's management proxy circular dated Oct. 27, 2023, and its news releases dated Oct. 19, 2023, and Dec. 5, 2023.