VANCOUVER, BC,
May 23,
2024 /CNW/ - Old PSG Wind-down Ltd. (formerly,
Performance Sports Group Ltd.) (the "Company") announces
that, further to its press release dated April 1, 2024, the Company has been formally
dissolved effective May 21, 2024 by
the issuance of a Certificate of Dissolution pursuant to the
voluntary dissolution procedures under the Business Corporations
Act (British Columbia) (the
"Dissolution").
Prior to the Dissolution, on April 3,
2024, the Company completed final cash distributions to: (i)
the holders (the "Shareholders") of common shares in the
capital of the Company (each, a "Common Share"); (ii)
the former Shareholders, holders of restricted share units
("RSUs") and deferred share units ("DSUs") who
previously elected to exchange their Common Shares, RSUs or DSUs
for beneficial trust units of a trust created pursuant to the
Company's reorganization proceedings; and (iii) the holders of RSUs
and holders of DSUs that did not make such election (collectively,
the "Final Distribution"). The Final Distribution
occurred after receipt of the final tax clearance certificate from
the Canada Revenue Agency.
For further information on the background of the Final
Distribution and Dissolution, please review the Company's press
release dated April 1, 2024 and the
management information circular dated February 8, 2023 (the "Circular")
available on the Company's SEDAR+ profile at www.sedarplus.ca .
Representatives of the Company submitted the Certificate of
Dissolution to the applicable securities commissions in each
of the Provinces and Territories of Canada, advising that the Company has been
formally dissolved and requesting that the Company be removed
from the list of reporting issuers. As such, it is not anticipated
that any further continuous disclosure will be filed on behalf of
the Company.
Forward-looking Statement Disclaimer
This news release includes "forward-looking information and
statements" within the meaning of securities laws. Such statements
relate to the Company's or management's objectives, projections,
estimates, expectations, or predictions of the future and can be
identified by words such as "plans", "assumes", "will",
"anticipate", "expects" and "may" or variations of such words.
These statements are based on certain assumptions and analyses by
the Company that reflect its experience and understanding of future
developments. In respect of the forward-looking information and
statements, the Company has made certain assumptions that
management believes are reasonable at this time. The assumptions
include that the Company will cease to be a reporting issuer upon
submission of the Certificate of Dissolution to the applicable
securities commissions. Such statements are subject to a number of
risks and uncertainties which are beyond the Company's control and,
therefore, may cause actual actions or results to differ from those
expressed or implied herein. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
For additional information on forward looking information
related to the Final Distribution and Dissolution, please consult
disclaimer under the heading "Forward-looking Statements" in the
Circular. For additional information regarding the assumptions and
risks underlying the Final Distribution and Dissolution, please
consult the risk factors described under the heading "Risk Factors"
in the Circular. The Circular is available on SEDAR+ at
www.sedarplus.ca.
SOURCE Old PSG Wind-down Ltd.