Oakville, ON, Sept. 22 - Tim Hortons Inc. announced voting results on a proposed merger transaction to reorganize the Company as a Canadian public company, before its stockholders at the Special Meeting of Stockholders held earlier today.
A total of approximately 74% of the 180,680,748 common shares of the Company entitled to vote at the meeting were voted, with approximately 99% in favor of the transaction.
Absent any unforeseen circumstances, Tim Hortons expects to proceed with the completion of the transaction, with the merger and reorganization to become effective on September 28th, 2009.
Pursuant to the approval of the Company's stockholders today, THI Mergeco Inc., a Delaware corporation and a wholly-owned subsidiary of Tim Hortons Inc., a corporation incorporated under the Canada Business Corporations Act, will merge with and into our existing public company, incorporated under the laws of the State of Delaware. As a result of the reorganization, the new Canadian public company, also known as Tim Hortons Inc., which is currently a wholly-owned subsidiary of the existing public company, will become the parent company of Tim Hortons group of companies. After the reorganization, Tim Hortons expects to continue to conduct our business in substantially the same manner as it does today.
Tim Hortons stockholders will have their existing common stock automatically converted into an equal number of common shares in the new Canadian public company. Upon completion of the merger and reorganization, Tim Hortons shares will be traded on both the Toronto Stock Exchange and New York Stock Exchange under the same stock symbol "THI".