CALGARY - Trimac Transportation Ltd. (TSX:TMA) plans to convert all of its outstanding class B voting shares into class A common shares.
The Calgary-based bulk trucking company said Friday that the conversion of the almost 6.4 million class B shares will be done at the current conversion ratio attached to class B shares of 1.11481 to one.
That will amount to an additional 7.1 million class A shares and an addition additional 732,573 voting shares. All class A shares issued in the conversion will come from treasury.
Trimac said the transaction is expected to close by Jan. 31.
The move comes at the request of Trimac Holdings Ltd., which directly and indirectly holds some 36.2 per cent of the class A shares and all of the class B voting shares. Together that represents 51.13 per cent of all of the issued and outstanding voting shares of Trimac.
Following completion of the transaction, it will hold 52.4 per cent of the class A shares, an increase of 14.9 per cent, and an increase of 1.28 per cent over its current holdings of voting shares.
Trimac Transportation is Canada's largest provider of bulk trucking services with operations from coast to coast, while its National Tank Services division performs repairs, maintenance and tank-trailer cleaning services for both the Trimac fleet and for third-party commercial customers.
Trimac also provides third party transportation logistics services in Canada and the United States through its wholly owned subsidiary Bulk Plus Logistics.
Trimac Transportation shares were unchanged at $5.75 Friday on the Toronto Stock Exchange.