iA Financial Group’s plan of arrangement endorsed by the Legislative Assembly of Quebec
Industrial Alliance Insurance and Financial Services Inc. (“iA Financial Group” or the “Company”) is pleased that the Legislative Assembly of Quebec adopted private member’s bill 235, An Act to amend the Act respecting Industrial-Alliance, Life Insurance Company.
This private member’s bill was intended to allow the Company to change its corporate structure through the creation of a holding company that would include all iA Financial Group operations.
Since iA Financial Group announced its intention to create a holding company on February 5, 2018, the Company has taken several steps.
On March 21st, the Company filed its plan of arrangement with the Superior Court of Quebec. Two days later, the Court issued a temporary order allowing the Company to call a special meeting to present the proposed plan of arrangement to its shareholders.
This special meeting took place May 10th and 97.11% of the holders of common shares of iA Financial Group voted in favour of the plan of arrangement.
On May 17th, the Superior Court of Quebec issued a final order and ruled that the transaction proposed to shareholders was fair and reasonable.
iA Financial Group anticipates completing the transaction by the end of 2018.
This press release may contain statements relating to strategies used by iA Financial Group or statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “may”, “will”, “could”, “should”, “would”, “suspect”, “expect”, “anticipate”, “intend”, “plan”, “believe”, “estimate”, and “continue” (or the negative thereof), as well as words such as “objective” or “goal” or other similar words or expressions. Such statements constitute forward-looking statements within the meaning of securities laws. Forward-looking statements include, but are not limited to, information concerning the Company’s possible or assumed future operating results. These statements are not historical facts; they represent only the Company’s expectations, estimates and projections regarding future events.
Although iA Financial Group believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Factors that could cause actual results to differ materially from expectations include, but are not limited to: general business and economic conditions; level of competition and consolidation; changes in laws and regulations including tax laws; liquidity of iA Financial Group including the availability of financing to meet existing financial commitments on their expected maturity dates when required; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; accuracy of accounting policies and actuarial methods used by iA Financial Group; insurance risks including mortality, morbidity, longevity and policyholder behaviour including the occurrence of natural or man-made disasters, pandemic diseases and acts of terrorism.
Additional information about the material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the “Risk Management” section of the Management’s Discussion and Analysis for the year 2017 and in the “Management of Risks Associated with Financial Instruments” note to iA Financial Group’s audited consolidated financial statements for the year ended December 31, 2017, and elsewhere in iA Financial Group’s filings with Canadian securities regulators, which are available for review at sedar.com.
The forward-looking statements in this news release reflect the Company’s expectations as of the date of this press release. iA Financial Group does not undertake to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.