Royal Group Announces Collapse of Dual Class Share Structure
June 23 2005 - 4:16PM
PR Newswire (US)
Royal Group Announces Collapse of Dual Class Share Structure
TORONTO, June 23 /PRNewswire-FirstCall/ -- Royal Group Technologies
Limited (RYG.SV - TSX; RYG - NYSE) (Royal Group or the Company)
today announced that following the conversion on June 22, 2005 of
all outstanding multiple voting shares to subordinate voting
shares, the Company has filed the articles of amendment approved by
the shareholders on May 25, 2005 with the effect that the Company
now has only one class of voting common shares. Delivery of
subordinate voting share certificates will continue to be good
delivery for settlement of trades of common shares of the TSX and
NYSE. The Company's March 24, 2005 press release and its April 22,
2005 Proxy Circular set out the details of the above noted
amendments. About Royal Group: Royal Group Technologies Limited is
a manufacturer of innovative, polymer-based home improvement,
consumer and construction products. The company has extensive
vertical integration, with operations dedicated to provision of
materials, machinery, tooling, real estate and transportation
services to its plants producing finished products. Royal Group's
manufacturing facilities are primarily located throughout North
America, with international operations in South America, Europe and
Asia. Additional investment information is available on Royal
Group's web site at http://www.royalgrouptech.com/ under the
"Investor Relations" section. The information in this document
contains certain forward-looking statements with respect to Royal
Group Technologies Limited, its subsidiaries and affiliates. These
statements are often, but not always made through the use of words
or phrases such as "expect", "should continue", "continue",
"believe", "anticipate", "estimate", "contemplate", "target",
"plan", "budget", "may", "will", "schedule" and "intend" or similar
formulations. By their nature, these forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by management, are inherently subject
to significant, known and unknown, business, economic, competitive
and other risks, uncertainties and other factors affecting Royal
specifically or its industry generally that could cause actual
performance, achievements and financial results to differ
materially from those contemplated by the forward-looking
statements. These risks and uncertainties include the ongoing
shareholder value maximization process and its outcome; the outcome
of the ongoing internal review and investigations by the Special
Committee of the Board of Directors; fluctuations in the level of
renovation, remodeling and construction activity; changes in
product costs and pricing; an inability to achieve or delays in
achieving savings related to the cost reductions or increases in
revenues related to sales price increases; the sufficiency of our
restructuring activities, including the potential for higher actual
costs to be incurred in connection with restructuring activities
compared to the estimated costs of such actions; the ability to
recruit and retain qualified employees; the level of outstanding
debt and our current debt ratings; the ability to meet the
financial covenants in our credit facilities; changes in product
mix; the growth rate of the markets into which Royal's products are
sold; market acceptance and demand for Royal's products; changes in
availability or prices for raw materials; pricing pressures
resulting from competition; difficulty in developing and
introducing new products; failure to penetrate new markets
effectively; the effect on foreign operations of currency
fluctuations, tariffs, nationalization, exchange controls,
limitations on foreign investment in local business and other
political, economic and regulatory risks; difficulty in preserving
proprietary technology; adverse resolution of any litigation,
investigations, administrative and regulatory matters, intellectual
property disputes, or similar matters; changes in securities or
environmental laws, rules and regulations; currency risk exposure
and other risks described from time to time in publicly filed
disclosure documents and securities commission reports of Royal
Group Technologies Limited and its subsidiaries and affiliates. In
view of these uncertainties we caution readers not to place undue
reliance on these forward-looking statements. Statements made in
this document are made as of June 23, 2005 and Royal disclaims any
intention or obligation to update or revise any statements made
herein, whether as a result of new information, future events or
otherwise. DATASOURCE: Royal Group Technologies Limited CONTACT:
Robert Lamoureux, Lead Director and Interim CFO or Mark Badger,
Vice President, Marketing and Corporate Communications, Phone:
(905) 264-0701, Fax: (905) 264-0702
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