People Corporation Obtains Final Order Approving Plan of Arrangement

WINNIPEG, Manitoba, Feb. 17, 2021 (GLOBE NEWSWIRE) -- People Corporation (the “Company”) (TSX Venture: PEO) today announced that the Company obtained a final order on February 12, 2021 from the Ontario Superior Court of Justice (Commercial List) in respect of the plan of arrangement previously announced on December 14, 2020 (the “Arrangement”), pursuant to which an entity (the “Purchaser”) controlled by certain investment funds managed by the Merchant Banking business of Goldman Sachs & Co. LLC, will acquire all of the outstanding shares of the Company (the “Shares”) for C$15.22 in cash per Share, other than certain Shares held by certain senior management shareholders and their affiliates and associates who will receive, in respect of such Shares, consideration consisting of cash and shares of the direct parent of the Purchaser.

The Company and the Purchaser have now received all required third-party approvals in order to complete the Arrangement. Subject to the satisfaction of certain customary closing conditions, the Company expects the Arrangement to be completed on February 18, 2021. As a result of the Arrangement, the Company is expected to be delisted from the TSX Venture Exchange at the close of trading on February 18, 2021.

Shareholder Questions and Assistance

Shareholders who have questions or require assistance with submitting their Shares to the Arrangement may direct their questions to Laurel Hill Advisory Group, the Company’s proxy solicitation agent, by telephone at 1-877-452-7184 (North American Toll-Free), or 1-416-304-0211 (Outside North America) or by email to [e-mail]. Further information about submitting your Shares to the Arrangement, including with respect to completing the applicable letter of transmittal, may be addressed to TSX Trust Company, who is acting as depositary under the Arrangement, toll free at 1-866-600-5869, or by email at [e-mail].

About People Corporation

People Corporation is a leading provider of group benefits, group retirement and human resource services with approximately 1,100 talented professionals serving organizations across Canada. Bringing deep industry and subject matter expertise, proprietary technology platforms and an innovative suite of services to each client engagement, People Corporation delivers uniquely valuable insights and solutions to make a positive difference to its clients and their bottom line. Further information is available at www.peoplecorporation.com.