LifeWorks Inc. shareholders vote overwhelmingly in favour of arrangement resolution for TELUS to acquire LifeWorks at special meeting of shareholders held
TORONTO--(BUSINESS WIRE)-- LifeWorks Inc. (the "Company" or "LifeWorks") (TSX: LWRK) held its special meeting of shareholders virtually on Thursday, August 4, 2022, where shareholders voted overwhelmingly in favour of the special resolution approving the proposed plan of arrangement with TELUS Corporation, with 99.93 per cent voting FOR the resolution.
The sole purpose of the special meeting of shareholders was for the shareholders of LifeWorks to consider, pursuant to an interim order of the Ontario Superior Court of Justice (Commercial List) dated July 6, 2022, and, if thought advisable to pass, a special resolution to approve the proposed plan of arrangement involving LifeWorks and TELUS, pursuant to which TELUS will acquire all the issued and outstanding common shares of LifeWorks.
To be effective, the Arrangement Resolution required the affirmative vote of at least 66⅔ per cent of the votes cast by holders of common shares of LifeWorks present in person or represented by proxy at this special meeting.
An audio recording of the meeting will be made available at the investor relations section on lifeworks.com on Friday, August 5, 2022.
Next steps in the acquisition
In addition to approval by LifeWorks shareholders, the Transaction is also subject to the receipt of court approval, regulatory approvals including competition clearances, and the satisfaction of other customary closing conditions for transactions of this nature.
LifeWorks is a world leader in providing digital and in-person solutions that support the total wellbeing of individuals – mental, physical, financial and social. As the trusted leader in mental health and wellbeing, LifeWorks delivers a personalized continuum of care that helps our clients improve the lives of their people and by doing so, improve their business. Guided by our purpose to improve lives and improve business, we help our clients improve the wellbeing of their people, we help them improve workforce engagement and productivity, thereby improving the performance of our clients’ organizations. LifeWorks is a publicly traded company on the Toronto Stock Exchange (TSX: LWRK). The Company has approximately 7,000 employees, 25,000 clients, and serves 36 million individuals and their families around in more than 160 countries.
This news release contains "forward-looking information" within the meaning of applicable securities laws, such as statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Specific statements used in this news release that may contain “forward-looking information” include but are not limited to statements with respect to whether the Arrangement will be consummated. They are based on certain factors and assumptions, including expected growth, results of operations, business prospects and opportunities. Use of words such as "will," "expect," “could”, “subject to” or other words of similar effect may indicate "forward-looking information.” Forward-looking information is not a guarantee of future performance and is subject to numerous risks and uncertainties, including those described in the Circular, in the Company's other publicly filed documents (available on SEDAR at sedar.com) and in the Company’s MD&A under the heading "Risks and Uncertainties."
Those risks and uncertainties include, among other things, risks related to the required court, regulatory and other consents and approvals to effect the Arrangement and the possibility that the Arrangement Agreement could be terminated under certain circumstances. Given these risks and uncertainties, investors should not place undue reliance on forward-looking information as a prediction of actual results.
All forward-looking information in this news release is qualified by these cautionary statements. These statements are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on analyses, expectations, or statements made by third parties in respect of the Company, its financial or operating results, or its securities.
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