On Friday, JMC Steel Group and Lakeside Steel Inc. announced that they completed Lakeside's statutory plan of arrangement and pursuant to the arrangement, JMC, through a wholly-owned subsidiary, acquired all of the issued and outstanding common shares of Lakeside at C$0.2983 per share in cash.
The arrangement was conducted pursuant to an arrangement agreement dated January 25, 2012 among JMC, Lakeside and 2312522 Ontario Inc. In connection with the arrangement, JMC entered into voting agreements with Jaguar Financial Corporation, one of Lakeside's principal shareholders, as well as all of the directors and executive officers of Lakeside. Pursuant to these voting agreements, the supporting shareholders agreed to vote their shares in favor of the arrangement.
JMC now owns and controls all of the outstanding common shares of Lakeside.