Mr. Rod Graham reports
HORIZON NORTH LOGISTICS INC. REPORTS VOTING RESULTS FROM ANNUAL AND SPECIAL SHAREHOLDER MEETING AND CONFIRMS SHARE CONSOLIDATION
All matters presented for approval at Horizon North Logistics Inc.'s annual and special meeting of shareholders, held virtually on July 10, 2020, were approved. Each of the matters voted upon at the meeting is discussed in detail in the corporation's management information circular dated June 5, 2020, which is available on SEDAR and on the corporation's website.
A total of 232,928,040 common shares, representing 71.81 per cent of the corporation's issued and outstanding common shares, were voted by ballot and by proxy in connection with the meeting. The voting results for each matter presented at the meeting are provided herein.
1. Election of directors
The corporation's eight nominees were elected as directors of Horizon North to hold office until the next annual meeting of shareholders or until their successors are elected or appointed, unless such office is earlier vacated in accordance with the bylaws of the corporation.
VOTING RESULTS FOR ELECTION OF DIRECTORS
Nominee Number of votes for % votes for Number of votes withheld % votes withheld
Mary Garden 232,245,737 99.82 423,982 0.18
Rod W. Graham 232,300,499 99.84 369,220 0.16
David Johnston 232,377,827 99.87 291,892 0.13
Simon Landy 232,419,719 99.89 250,000 0.11
John MacCuish 232,383,769 99.88 285,950 0.12
R. William McFarland 232,359,477 99.87 310,242 0.13
Kevin D. Nabholz 218,951,230 94.10 13,718,489 5.90
Russell Newmark 232,339,169 99.86 330,550 0.14
2. Appointment of auditor
PricewaterhouseCoopers LLP, chartered professional accountants, was appointed to serve as the auditor of the corporation until the close of the next annual meeting, at a remuneration to be fixed by the board of directors with 99.96 per cent of votes in favour.
3. Approval of amended and restated bylaws
An ordinary resolution to ratify and confirm the corporation's amended and restated bylaws, including advance notice provisions, was approved with an approximate 99.96 per cent of votes cast in favour.
4. Approval of share consolidation
A special resolution authorizing the consolidation of the corporation's issued and outstanding common shares on the basis of one new postconsolidation common share for every five preconsolidation common shares was approved with an approximate 99.91 per cent of votes cast in favour.
Following shareholder approval, the corporation filed articles of amendment implementing the consolidation. The postconsolidation common shares will continue to be listed on the Toronto Stock Exchange (TSX) under the trading symbol HNL.TO and are expected to commence trading on a postconsolidation basis within two or four business days. Following the consolidation, the corporation expects to have approximately 64,869,374 common shares issued and outstanding. Since no fractional common shares will be issued in connection with the consolidation, the exact number of outstanding common shares after the consolidation will vary based on the elimination of fractional shares. In lieu of fractional common shares, each registered shareholder of the corporation otherwise entitled to a fractional common share following the implementation of the consolidation will receive the nearest whole number of postconsolidation common shares. In calculating such fractional interests, all preconsolidation common shares registered in the name of or beneficially held by such shareholder or their nominee shall be aggregated.
About Horizon North Logistics Inc.
Horizon North is a publicly listed corporation operating a pan-Canadian support service platform across 11 provinces and territories and diversified end markets.
Its modular solutions business integrates modern design concepts with off-site manufacturing processes to produce high-quality building solutions for commercial, residential and industrial clients. Its facilities management business delivers operation and maintenance solutions for built assets and infrastructure in the public and private sectors, including aviation, defence and security, retail, health care, education, and government. Its work force accommodations, forestry and energy service business provides a full range of work force accommodations solutions, forestry services and access solutions to clients in the energy, mining, forestry and construction sectors, among others.
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