TORONTO, September 5, 2012 /PRNewswire/ --
(TSX: SCL.A, SCL.B)
ShawCor Ltd. (TSX: SCL.A., SCL.B) today announced that Ms. Virginia Shaw, the Chair of the ShawCor Board of Directors and the controlling shareholder of the company (indirectly through a holding company), has advised the Board of Directors that she is prepared to consider a possible sale of her shares of ShawCor as part of a sale of the company.
The Board has struck a committee of independent directors to conduct a strategic review of alternatives, including canvassing potentially interested third parties to determine if an appropriate transaction is available that would be acceptable to Ms. Shaw and would be in the best interests of ShawCor and its shareholders. At this preliminary stage, no proposals have been made, no discussions have been held with third parties, and no decision has been made by Ms. Shaw to sell her ShawCor shares. There can be no assurance that a sale or any other transaction will occur. There is no defined timeline for the strategic review. In addition, the company does not intend to comment further regarding the strategic review until such time, if any, as the company enters into a definitive agreement in respect of a particular transaction or otherwise determines that disclosure is appropriate or required.
The independent committee has engaged Credit Suisse Canada as financial advisors.
In the meantime, ShawCor continues to conduct its business as usual and remains fully focused on delivering its products and services to its customers.
ShawCor Ltd. is an energy services company specializing in products and services for the pipeline and pipe services and the petrochemical and industrial segments of the oil and gas industry. The company operates through seven divisions with over seventy manufacturing and service facilities located around the world.
This news release contains forward-looking information within the meaning of applicable securities laws. Words such as "may,", "will", "should", "anticipate", "plan", "expect", "believe", "predict", "estimate" or similar terminology are used to identify forward-looking information. This forward looking information is based on assumptions, estimates, and analysis made in the light of the company's experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the company to be reasonable and relevant in the circumstances. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those predicted, expressed, or implied by the forward-looking information. The risks and uncertainties include, among other things, changes in global economic activity and changes in energy supply and demand which impact on the level of drilling activity and pipeline construction; political, economic and other risks arising from international operations; compliance with environmental, trade and other laws; liability claims, fluctuations in foreign exchange rates and fluctuations in raw material prices, as well as other risks and uncertainties that are more fully described in the company's Annual Information Form, annual and quarterly reports and other reports and filings made with securities regulatory authorities and available at http://www.sedar.com.
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SOURCE ShawCor Ltd.