Shawcor Ltd. Completes Acquisition of ZCL Composites Inc.

April 08 2019

Shawcor Ltd. has closed the previously declared plan of arrangement under section 192 of the Canada Business Corporations Act, involving ZCL Composites Inc., Shawcor and the holders (the “Shareholders”) of common shares of ZCL and holders of options to purchase Common Shares of ZCL (the “Optionholders” and together with the Shareholders, the “Security holders”).

Pursuant to the Arrangement, Shawcor acquired all of the issued and outstanding Common Shares for a purchase price of $10.00 per Common Share payable entirely in cash. Upon the closing of the Arrangement, ZCL and Shawcor intend to amalgamate to continue as Shawcor Ltd. The Arrangement was approved by 99.37% of the votes cast by security holders (voting together as a single class) and 99.42% of the Shareholders (voting separately). The Court of Queen’s Bench of Alberta issued a final order approving the Arrangement on March 29, 2019.

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