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BURLINGTON, ON, Aug. 26 /CNW/ - West 49 Inc. (TSX: WXX - News; the "Company") announced that following a hearing held today, the Ontario Superior Court of Justice issued the final order approving the proposed plan of arrangement involving the Company and Aurora Inc., a subsidiary of Billabong International Limited ("Billabong").
As announced earlier this week, at a special meeting held on August 24, 2010, securityholders approved the transaction, with 99.9% of the votes cast in favour, which will result in holders of common shares and preferred shares receiving Cdn$1.30 in cash per share held (and holders of the Company's preferred shares will also receive accrued and unpaid dividends on their preferred shares), less any amounts withheld from non-resident securityholders on account of taxes, as applicable.
Subject to the satisfaction or waiver of the remaining customary closing conditions, the Company expects to complete the transaction in late August or early September. Details of the transaction, including a copy of the plan of arrangement, are contained in the management information circular of the Company dated July 26, 2010, which can be found at www.sedar.com.
West 49 Inc. is a leading Canadian specialty retailer of apparel, footwear, accessories and equipment related to the youth action sports lifestyle. The Company's stores, which are primarily mall-based, carry a variety of high-performance, premium brand name and private label products that fulfill the lifestyle needs of identified target markets, primarily tweens and teens. At May 1, 2010, the Company operated 138 stores in nine provinces, under the banners West 49, Billabong, Off The Wall, Amnesia/Arsenic and D-Tox. The Company's common shares are listed on the Toronto Stock Exchange under the symbol WXX. The Company has approximately 64 million common shares outstanding.