TORONTO, ONTARIO--(Marketwire - Dec. 13, 2012) - EnerCare Inc. (TSX:ECI) ("EnerCare") today announced that its annual and special meeting of shareholders will be held on June 3, 2013. James Pantelidis, Chairman of the board, will provide an update to shareholders on EnerCare's achievements in 2012 and will detail plans for the year to come. The board has fixed April 24, 2013 as the record date for the meeting.
In connection with calling the meeting, EnerCare's board of directors conducted a review of the company's by-laws and approved certain amendments that are consistent with recent policy updates published by Institutional Shareholder Services (ISS) and Glass Lewis & Co., two leading independent proxy advisors. The amendments to the by-laws increase the quorum at meetings of shareholders to two persons holding 25% of the eligible vote and require advance notice of director nominations by shareholders.
The "advance notice" by-law fixes a deadline by which shareholders must submit director nominations prior to any meeting of shareholders. In the case of annual meetings, advance notice must be delivered to EnerCare not less than 30 nor more than 65 days prior to the date of the meeting. The by-law also requires any shareholder making a director nomination to provide certain important information about its nominees with its advance notice. The board of directors believes that all shareholders should be provided with sufficient disclosure and time to make appropriate decisions on the election of their board representatives. The advance notice by-law provide s a transparent, structured, and fair director nomination process, consistent with ISS and Glass Lewis guidelines. The by-law will also ensure that shareholders are provided with important information pertaining to proposed director nominees within a specified time frame, allowing shareholders to fully participate in the director election process in an informed and effective manner.
The amendments to the by-laws are contained in a new By-law No. 2 of EnerCare, which repeals and replaces By-law No. 1. The new by-law is currently effective and will apply in respect of EnerCare's upcoming annual and special meeting, at which time it will be submitted to shareholders for confirmation. A copy of the new by-law will be filed on SEDAR at www.sedar.com.
About EnerCare Inc.
EnerCare owns a portfolio of approximately 1.2 million installed water heaters and other assets, rented primarily to residential customers in Ontario. EnerCare also owns EnerCare Connections Inc., a leading sub-metering company, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada.
Additional information regarding EnerCare is available on SEDAR at www.sedar.com or through EnerCare's website at http://investors.enercare.ca. Information on the sub-metering business is also available at www.enercareconnections.com.