Sydney, Australia—February 29, 2016 -- Recall Holdings Limited (ASX: REC), a global leader in document storage, digital information solutions, data protection and secure destruction services, today announced that it intends to defer the Scheme Meeting, at which Recall shareholders will vote on the proposed acquisition of Recall by Iron Mountain, from Thursday 17 March 2016 to Tuesday 19 April 2016, with implementation scheduled to occur on Monday 2 May 2016. The deferral of the Scheme Meeting is subject to Court approval, which Recall will seek as soon as practicable.
While regulatory authorities are well progressed in their consideration of Iron Mountain’s applications for the required transaction approvals, Iron Mountain does not expect all of those approvals to be obtained in time for the Scheme Meeting to proceed on 17 March 2016. The revised transaction timetable takes into account Iron Mountain’s commitments to work to complete the regulatory reviews, and to meet all other obligations under the Scheme Implementation Deed.
Iron Mountain has made substantial progress with the regulators in each of Australia, the United States, Canada and the United Kingdom and has assured the Recall board of directors that it is working to close the transaction as soon as possible. In particular, Iron Mountain believes that, given where it is with the regulators and its commitments under the Scheme Implementation Deed, Recall will be in a position to hold the Scheme Meeting on Tuesday 19 April 2016 and the Scheme implemented on Monday 2 May 2016. On the basis of these assurances from Iron Mountain, the Recall board of directors has determined to set the new Scheme Meeting date and intends to seek the Court's approval for this date.
Iron Mountain has also assured the Recall Board that it is confident that the transaction will continue to result in meaningful synergies and accretion, and that the material shareholder value the transaction should deliver remains achievable.
The Recall board of directors continues to unanimously recommend that Recall shareholders vote in favour of the Scheme, in the absence of a superior proposal.
Shareholders should note that completion of the transaction is dependent on Iron Mountain obtaining all of the required regulatory approvals. As set out in the Scheme Booklet, the Scheme will not proceed to a second court hearing unless all conditions precedent, including the required regulatory approvals, are satisfied or waived.
Recall is a global leader in information management solutions, offering customers complete management of its physical and digital information assets with one partner. Recall’s innovative solutions empower organizations to make better business decisions throughout the information lifecycle, while keeping regulatory compliance and eliminating unnecessary resources, time and costs. Recall services more than 80,000 customer accounts in over 300 dedicated operation centers, spanning five continents in 24 countries. For more information, please visit recall.com.
For further information, please contact:
Senior Director, Investor Relations
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David Sprague or Amanda Fountain