MONTREAL, Oct. 31, 2023 /CNW/ - Yellow Pages Limited (TSX: Y) (the "Company"), a leading Canadian digital media and marketing company, today announced that it has filed and is in the process of mailing the management proxy circular (the "Circular") and related materials for the special meeting (the "Meeting") of the Company's shareholders (the "Shareholders") to approve the previously announced arrangement under the Business Corporation Act (British Columbia) (the "Arrangement"). Under the Arrangement, the Company will repurchase from Shareholders pro rata an aggregate of 4,440,497 common shares at a purchase price of $11.26 per share, which represents the volume weighted average price for the five consecutive trading days ending the trading day immediately prior to October 19, 2023, all as more particularly described in the Circular. Under the Arrangement, the Company will also advance the previously announced voluntary incremental cash contributions to the Company's defined benefit pension plan's (the "Pension Plan") wind-up deficit by an amount of $12 million during the year ending December 31, 2023, bringing 2023 cash payments to the Pension Plan's wind-up deficit to $18 million by the end of the year.
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