CALGARY, AB, Aug. 14, 2020 /CNW/ - Stuart Olson Inc. (TSX: SOX) ("Stuart Olson" or the "Company") today announced that it has obtained an interim order from the Court of Queen's Bench of Alberta in connection with its previously announced business combination with Bird Construction Inc. ("Bird"), pursuant to an arrangement under the Business Corporations Act (Alberta), in which Bird will acquire Stuart Olson for aggregate consideration of $96.5 million (the "Transaction").

VIRTUAL SPECIAL MEETINGS

In light of the ongoing COVID-19 pandemic, the special meetings for the secured bank lenders and shareholders will be held by way of virtual only format pursuant to which participants may attend remotely. The special meeting for the unsecured convertible debenture holders will be done via an in-person meeting. The special meetings are scheduled to begin on September 17, 2020 at 10:00 a.m. (MT) for the secured bank lenders, 10:30 a.m. (MT) for the unsecured convertible debenture holders and 11:00 a.m. (MT) for the shareholders. Security holders of record as of the close of business on August 14, 2020 are entitled to receive notice of and to vote at the applicable special meeting of shareholders.

The management information circular, which will contain specific instructions and details regarding attendance at, and participation in, the special meetings will be mailed to Stuart Olson shareholders, secured bank lenders and unsecured convertible debenture holders during the week of August 17, 2020. The management information circular will also be posted to the Company's website (www.stuartolson.com) and SEDAR (www.sedar.com).

The Company welcomes all registered shareholders and duly appointed proxy holders who wish to participate in the special meeting of the shareholders to do so by joining the live webcast available at https://web.lumiagm.com/134352576.

Only duly appointed proxy holders will be allowed to vote and participate in the special meeting of shareholders. Unregistered security holders and guests will be able to watch the online special meetings via the live webcast available at the same link.

SECURITY HOLDER SUPPORT

The Transaction has the support, pursuant to support agreements, of 31% of Stuart Olson's shareholders, all of the secured bank lenders holding 100% of the outstanding indebtedness and 100% of the unsecured convertible debenture holders.

About Stuart Olson Inc.

Stuart Olson Inc. (TSX:SOX) provides construction services including vertical infrastructure and electrical building systems contracting in the public and private construction markets as well as a full suite of services including, electrical, mechanical and specialty trades, such as insulation, cladding and asbestos abatement, in the industrial construction and services market. The Company operates office locations and projects throughout Western Canada, Ontario and the territories. In 2020 Stuart Olson was recognized as one of Alberta's Top Employers for the fourth consecutive year. www.stuartolson.com

SOURCE Stuart Olson Inc.

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