VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 4, 2014) - Coast Wholesale Appliances Inc. (CWA.TO) ("Coast") announced today that a special meeting (the "Special Meeting") of shareholders of Coast will be held on May 21, 2014 to consider the ratification of the shareholder rights plan of Coast dated March 4, 2014 (the "Rights Plan") which was adopted by the Board of Directors of Coast in response to the offer by CWAL Investments Ltd. ("CWAL") to acquire all of the issued and outstanding common shares of Coast not beneficially owned by CWAL and its joint actors at a price of $4.55 per share (the "Offer").
As previously indicated in Coast's news release dated March 10, 2014, the primary purpose of the Rights Plan is to ensure that the Board of Directors of Coast has sufficient time to consider and evaluate the Offer and any other take-over bid that may be made for Coast's common shares and to properly develop and pursue alternatives to maximize value for all shareholders. The Rights Plan is subject to ratification by independent shareholders of Coast by June 30, 2014.
Coast will provide further details in its information circular for the Special Meeting which will be mailed to shareholders of record at April 16, 2014.
About Coast
Coast is a leading independent supplier of major household appliances and accessories to builders and developers of multi-family and single-family housing, and to retail customers. Founded in 1978, Coast operates stores across the four western provinces and in the Greater Toronto Area of Ontario, as well as a network of warehouse distribution centres strategically situated to serve these locations.
Forward-Looking Statements and Information
Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning the date of the Special Meeting and the intention of Coast to mail its information circular to shareholders of record at April 16, 2014. Such statements and information include statements regarding the expectation and beliefs of management and appear in a number of places and often can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.