IPC Receives Final Order Approving Plan of Arrangement
IPC Financial Network Inc. (TSX Venture: IPC) announced today that it has received the final order of the Ontario Superior Court of Justice approving the proposed Plan of Arrangement pursuant to which IGM Financial Inc. will indirectly acquire through its wholly-owned subsidiary, 4221079 Canada Inc., all of the issued and outstanding common shares of IPC.
The Arrangement was overwhelmingly approved at a special meeting of shareholders held on April 28, 2004 by those shareholders who voted at the meeting, including a separate favourable vote of a majority of the minority shareholders, being all IPC shareholders excluding certain members of senior management of IPC.
Completion of the transaction remains conditional upon satisfaction of a number of conditions in favour of IGM Financial, including that all necessary regulatory approvals have been obtained. Subject to the waiver or satisfaction of these conditions, IPC expects that the transaction will close on May 10, 2004. Upon completion of the transaction between IPC and IGM Financial, the TSX Venture Exchange will halt trading in IPC’s common shares, and IPC’s common shares will subsequently be delisted from the TSX Venture Exchange.
For Further Information, Please Contact:
IPC Financial Network Inc.
Chief Executive Officer
(905) 212-9675 (FAX)