The sale of the Weyburn Inland Terminal to grain company Parrish & Heimbecker was approved at a special shareholders meeting on Friday afternoon, and will now go to a justice of Court of Queen’s Bench in Regina on Wednesday for approval.
A total of 246 shareholders representing about 1.125 million shares were present at the meeting, held at McKenna Hall, and 771 proxies were submitted representing over 3.7 million shares.
In total, 1,017 shareholders voted 4.84 million (out of the 5.4 million in total), or 88 per cent of shareholders, and approved the sale by 79.79 per cent, with 20.21 per cent against.
The sale offer needed a two-thirds majority of shareholders to be approved, plus the approval of the Court of Queen’s Bench.
The offer by Parrish & Heimbecker was for $17.25 a share for all of the assets of the company, or a total of $94.6 million.
For complete details on the sale of WIT, please see Wednesday’s edition of the Weyburn Review.