Shareholders Reconfirm Rights Plan
TORONTO, ONTARIO--(Marketwired - May 1, 2014) - EnerCare Inc. ("EnerCare") (TSX:ECI) today announced the results from its Annual and Special Meeting of Shareholders that was held earlier today.
Shareholders reconfirmed EnerCare's shareholders rights plan agreement and approved the adoption of a share option plan, including the reservation of common shares and the grant of options thereunder. The Board of Directors of EnerCare was also pleased to receive the support of shareholders for the re-election of all of management's director nominees.
A total of 27,906,573 common shares ("Shares") (representing approximately 47.73% of the issued and outstanding Shares as of the record date for the meeting) were represented in person or by proxy at the meeting. Shareholders re-confirmed the shareholder rights plan agreement by a ballot vote of 23,504,710 Shares (or approximately 89.47% of the votes cast) for the resolution and 2,766,174 Shares (or approximately 10.53% of the votes cast) against the resolution. Shareholders also approved the adoption of a share option plan, the reservation of 3,000,000 common shares and the grant of 379,011 options thereunder to EnerCare's senior management by a ballot vote of 24,721,562 Shares (or approximately 94.10% of the votes cast) for the resolution and 1,549,320 Shares (or approximately 5.90% of the votes cast) against the resolution.
EnerCare's existing eight directors, namely Lisa de Wilde (92.26% proxy votes in favour), John A. Macdonald (92.50% proxy votes in favour), Grace M. Palombo (92.14% proxy votes in favour), Jim Pantelidis (92.06% proxy votes in favour), J erry Patava (92.35% proxy votes in favour), Roy J. Pearce (92.40% proxy votes in favour), Michael Rousseau (92.35% proxy votes in favour) and William M. Wells (92.43% proxy votes in favour) were re-elected at the meeting by a resolution passed by a majority of the shareholders by way of a show of hands, to hold office until the close of the next annual meeting of shareholders.
PricewaterhouseCoopers LLP was reappointed as auditor of EnerCare and the directors were authorized to fix their remuneration by a resolution passed by a majority of the shareholders by way of a show of hands (97.31% proxy votes in favour).
ABOUT ENERCARE INC.
EnerCare owns a portfolio of approximately 1.1 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.