Related Links

Balance Sheet Initiative – Details

In February 2020, Sherritt launched a balance sheet initiative aimed at improving the Corporation’s liquidity, reducing debt levels and building balance sheet strength.

On June 29, 2020, Sherritt announced that it had filed an amended version of the Plan of Arrangement described in the Corporation’s management information circular dated March 6, 2020, following discussions with certain noteholders.

The amended Plan of Arrangement reflects the amendments to the terms of the transaction announced by the Corporation in its news release on June 10, 2020. Sherritt has also filed the revised form of New Second Lien Notes Indenture and the form of New Junior Notes Indenture, in each case also reflecting the amended terms.

In addition, Sherritt confirmed the date of the meetings of the debtholders and shareholders. Below is a summary of important dates for debtholders and shareholders related to the completion of the transaction:

Important Dates Date
Press release announcing new meeting dates, times and voting procedures and information related to the amended New Second Lien Notes Indenture and New Junior Notes Indenture. June 29, 2020
Early Consent Deadline
  • Noteholders that vote in favor of the transaction by the early consent deadline will be entitled to receive 3% of principal amount as additional cash consideration in exchange for existing note.
Note: if you previously voted in favour of the transaction ahead of the previous Early Consent Deadline you do not need to vote again – you remain eligible for the Early Consent Consideration.
July 13, 2020
Debtholder and Shareholder Voting Deadline
  • Debtholders to vote on proposed transaction and will get 1 vote for every $1,000 of principal amount of existing notes or Ambatovy partner loans.
  • Shareholders will vote on stated capital reduction and get 1 vote per common share.
July 21, 2020
Meetings of Debtholders and Shareholders
  • Meetings will be held virtually
    • – Debtholders -10:00am ET
      – Shareholders -11:00am ET

See “Procedures for Voting Before the Meetings, and for Attending and Voting at the Meetings” of the June 29, 2020 press release for details on how to participate in the virtual meetings.

July 23, 2020
Expected Transaction Completion Date August 31, 2020

Press Releases

Presentation on Balance Sheet Initiative and Amended Terms click here

Transaction/Meeting Materials:

If you have any questions or need assistance completing your proxy or voting instruction form, please call Kingsdale Shareholder Services, toll free at 1.800.749.9197 or email contactus@kingsdaleadvisors.com

For any additional questions please contact Investor Relations, toll free at 1.800.704.6698 or email investor@sherritt.com