CHC Shareholders Approve Acquisition of CHC by First Reserve Corp.



CHC Helicopter Corporation announced that its shareholders approved the plan of arrangement involving CHC and an affiliate of a fund managed by First Reserve Corporation. The arrangement involves the acquisition of all of CHC's outstanding Class A Subordinate Voting Shares and Class B Multiple Voting Shares for cash consideration of Cdn$32.68 per share.

The special resolution approving the arrangement was approved this afternoon at a special meeting of shareholders by more than 99.944% of the votes cast by holders of Class A Subordinate Voting Shares, Class B Multiple Voting Shares and Ordinary Shares, voting as a single class. As required under Canadian securities laws, the special resolution approving the arrangement was also approved by 99.884% of the votes cast by holders of Class A Subordinate Voting Shares (excluding such shares held by certain members of management who will be acquiring equity in an affiliate of the purchaser), 100% of the votes cast by holders of Class B Multiple Voting Shares and 100% of the votes cast by the holder of Ordinary Shares, each voting as a separate class.

Completion of the arrangement remains subject to a number of conditions, some of which are beyond CHC's and the purchaser's control; accordingly, the exact timing of implementation of the arrangement is not currently known. CHC and the purchaser currently expect the closing to occur in June 2008. An application seeking a final order approving the plan of arrangement under the Canada Business Corporations Act is scheduled to be heard by the British Columbia Supreme Court on May 1, 2008.


RELATED COMPANIES