WEQ Holdings Inc.

WesternOne Inc. (Toronto Stock Exchange: WEQ and WEQ.DB) enters into a definitive agreement with United Rentals of Canada, Inc. pursuant to which United Rentals agreed to acquire WesternOne’s equipment rentals and heat business and substantially all of the related assets. 

Press release:  WesternOne Inc. Announces Sale of Equipment Rentals and Heat Business to United Rentals and Wind-up of Operations

The terms and conditions of the transaction, as well as details of the expected distributions to shareholders, are disclosed in WesternOne’s information circular. 

Press Release:  Notice of Special Meeting and Information Circular

At the special meeting of shareholders, the transaction was approved by shareholders. Shareholders approved a special resolution to change WesternOne Inc.’s name to WEQ Holdings Inc. (www.weq.ca) and a plan of liquidation for WEQ Holdings Inc.

Press Release:  WesternOne Inc. Announces Voting Results of the Special Meeting of Shareholders

United Rentals of Canada, Inc. completed the acquisition of WesternOne Inc.’s equipment rentals and heat business and substantially all of the related assets.

Press Release:  WesternOne Inc. Announces Closing of Sale of Equipment Rentals and Heat Business to United Rentals and Wind-up of Operations

WEQ Holdings Inc. announced today that following completion of closing of the sale of its equipment rentals and heat business to United Rentals of Canada, Inc., which was announced on November 30, 2018, it has attended to several key follow-up matters.

Press Release:  WEQ Holdings Inc. (formerly WesternOne Inc.) Confirms Change of Name and Announces Change of Control Offer to Purchase and Notice of Redemption for its 6.25% Convertible Series 3 Unsecured Subordinated Debentures

WEQ Holdings Inc. announced today that effective December 17, 2018, it formally adopted the plan of liquidation and dissolution substantially in the form set out in Schedule C to the Corporation’s information circular dated October 26, 2018, to proceed with the voluntary liquidation and dissolution of the Corporation pursuant to the Canada Business Corporations Act. In connection with the adoption of the Plan of Liquidation, WEQ has appointed The Bowra Group Inc. as liquidator and obtained orders of the Supreme Court of British Columbia to: (i) have the liquidation process supervised by the Court and be relieved of any obligations to provide further financial statements and hold further shareholder meetings; and (ii) set forth the procedure for making claims.  All Court materials filed and updates on the status of the liquidation will be available on the Liquidator’s website at www.bowragroup.com.

Press Release:  WEQ Holdings Inc. (formerly WesternOne Inc.) Announces Adoption of Plan of Liquidation and Resignation of Directors

WEQ Holdings Inc. announced today that it has completed both the previously announced change of control offer to purchase all of its 6.25% Convertible Series 3 Unsecured Subordinated Debentures at a price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, on the Debentures up to, but excluding, the date of acquisition of the Debentures, being January 4, 2019 and the redemption of all remaining outstanding Debentures following the Change of Control Offer on January 7, 2019. 

Press Release:  WEQ Holdings Inc. (formerly WesternOne Inc.) Announces Completion of Change of Control Offer to Purchase and Redemption of all Outstanding 6.25% Convertible Series 3 Unsecured Subordinated Debentures 

The Corporation announced today that it has ceased to be a reporting issuer in each of the provinces of Canada and is no longer a reporting issuer in any jurisdiction, as a result of decision of the securities regulatory authorities of each of the Provinces of Canada granted in response to an application made by the Corporation. Accordingly, the Corporation will no longer be required to file financial statements or other continuous disclosure documents with Canadian securities regulatory authorities.  

Press Release:  WEQ Holdings Inc. (formerly WesternOne Inc.) Ceases to be a Reporting Issuer if Canada and Provides a Corporate Update 

WEQ Holdings Inc. by The Bowra Group Inc. in its capacity as the Court-appointed liquidator of WEQ, confirms that the Liquidator is in the process of finalizing the post-closing purchase price adjustments with United Rentals of Canada, Inc. (“URI”) under the definitive asset purchase agreement pursuant to which WEQ sold substantially all of its assets to URI at the end of November 2018. The Liquidator expects to finalize these adjustments with URI before the end of July 2019 and intends to make an interim distribution to shareholders of WEQ shortly thereafter. WEQ will issue a further news release confirming the timing and amount of such interim distribution once determined. 

Press Release:  WEQ Holdings Inc. (formerly WesternOne Inc.) Confirms Intention to Make Interim Distribution to Shareholders as Part of Liquidation Proceedings 

WEQ Holdings Inc. by The Bowra Group Inc. in its capacity as the Court-appointed liquidator of WEQ (the “Liquidator”), today announced that shareholders as of the close of business on July 23, 2019 (the “Record Date”) will be entitled to receive an interim distribution (the “Interim Distribution”) made pursuant to a Liquidation Plan dated December 17, 2018 (the “Plan”) of Cdn$2.00 per share. The Plan was approved by the Supreme Court of British Columbia (the “Court”) pursuant to an Order dated December 17, 2018 (the “Liquidation Order”).

The Interim Distribution will be characterized as a reduction of stated capital. Shareholders are advised to consult their own tax and financial advisors in respect of the Interim Distribution.

Press Release:  WEQ Holdings Inc. (formerly WesternOne Inc.) Announces Interim Distribution to Shareholders as Part of Liquidation Proceedings 

WEQ Holdings Inc. by The Bowra Group Inc. in its capacity as the Court-appointed liquidator of WEQ (the “Liquidator”), provides an update as to the liquidation proceedings. As announced in its news release dated July 23, 2019, WEQ made an interim distribution pursuant to a Liquidation Plan dated December 17, 2018 (the “Plan”). The Plan was approved by the Supreme Court of British Columbia (the “Court”) pursuant to an Order dated December 17, 2018 (the “Liquidation Order”).

WEQ is continuing in its efforts to address remaining outstanding matters relating to its liquidation, including tax matters. At this time, WEQ is not aware of the anticipated date of an additional distribution, if any, or the date of its dissolution.

Press Release:  WEQ Holdings Inc. (formerly WesternOne Inc.) Provides Update on Liquidation Proceedings 

WEQ Holdings Inc. by The Bowra Group Inc. in its capacity as the Court-appointed liquidator of WEQ (the “Liquidator”), provides an update as to the liquidation proceedings.  As announced in its news release dated July 23, 2019, WEQ made an interim distribution pursuant to a Liquidation Plan dated December 17, 2018 (the “Plan”). The Plan was approved by the Supreme Court of British Columbia (the “Court”) pursuant to an Order dated December 17, 2018 (the “Liquidation Order”). 

WEQ is continuing in its efforts to address remaining outstanding matters relating to its liquidation, including tax matters, and is making progress.  However, at this time, WEQ is not aware of the anticipated date of an additional distribution, if any, or the date of its dissolution. The Liquidator has filed an application (the “Application”) with the Court for an order to, among other things, extend the time for passing the final accounts.  The Application is expected to be heard on or about January 10, 2020.  The First Report to the Court of the Liquidator has been filed with the Court as part of the Application. 

Press Release:  WEQ Holdings Inc. (formerly WesternOne Inc.) Provides Update on Liquidation Proceedings 

WEQ Holdings Inc. by The Bowra Group Inc. in its capacity as the Court-appointed liquidator of WEQ (the “Liquidator”), today provided an update as to the liquidation proceedings under the Liquidation Plan dated December 17, 2018 (the “Plan”).  The Plan was approved by the Supreme Court of British Columbia (the “Court”) pursuant to an Order dated December 17, 2018 (the “Liquidation Order”).

As noted in its December 19, 2019 news release, the Liquidator filed an application with the Court to, among other things, extend the time for passing the final accounts.  On January 10, 2020, the Court granted an extension until December 17, 2020.  WEQ is continuing in its efforts to address remaining outstanding matters relating to its liquidation, including tax matters, and is making progress.  However, at this time, WEQ is not aware of the anticipated date of one or more additional distributions, if any, or the date of its dissolution.

Press Release:  WEQ Holdings Inc. (formerly WesternOne Inc.) Provides Update on Liquidation Proceedings 

WEQ Holdings Inc. by The Bowra Group Inc. in its capacity as the Court-appointed liquidator of WEQ (the “Liquidator”), today provided an update as to the liquidation proceedings under the Liquidation Plan dated December 17, 2018 (the “Plan”).  The Plan was approved by the Supreme Court of British Columbia (the “Court”) pursuant to an Order dated December 17, 2018 (the “Liquidation Order”).

WEQ is working to resolve the remaining known outstanding matters relating to its liquidation, including tax matters, and continues to make progress. At this time, the Liquidator expects to make a decision on the date and amount of an additional distribution to shareholders by the end of the third fiscal quarter of 2020. The date of WEQ’s dissolution remains unclear at this time.

Press Release:  WEQ Holdings Inc. (formerly WesternOne Inc.) Provides Update on Liquidation Proceedings 

WEQ Holdings Inc. by The Bowra Group Inc. in its capacity as the Court-appointed liquidator of WEQ(the “Liquidator”), today announced that shareholders as of the close of business on September 25, 2020 (the “Record Date”) will be entitled to receive a further interim distribution (the “Interim Distribution”) made pursuant to a Liquidation Plan dated December 17, 2018 (the “Plan”) of Cdn$0.20 per share. The Plan was approved by the Supreme Court of British Columbia (the “Court”) pursuant to an Order dated December 17, 2018 (the “Liquidation Order”). 

The Interim Distribution will be characterized as a reduction of stated capital. Shareholders are advised to consult their own tax and financial advisors in respect of the Interim Distribution. 

Press Release:  WEQ Holdings Inc. (formerly WesternOne Inc.) Announces Additional Interim Distribution to Shareholders and Provides Update on Liquidation Proceedings 

WEQ Holdings Inc. by The Bowra Group Inc. in its capacity as the Court-appointed liquidator of WEQ (the“Liquidator”), today announced that the Supreme Court of British Columbia (the “Court”) has made an Order approving the Liquidator making a final distribution (the “Final Distribution”) and the discharge of the Liquidator on certain conditions. A Liquidation Plan dated December 17, 2018  (the “Liquidation Plan”) was approved by the Court pursuant to an Order dated December 17, 2018 (the “Liquidation Order”). 

The Liquidator is required to calculate and pay the Final Distribution, which it currently expects to be between $0.10 to $0.12 per share, subject to payment of the remaining liquidation expenses, filing of the final tax return of WEQ, requesting and obtaining a final tax clearance certificate from the Canada Revenue Agency and attending to the dissolution of WEQ.  The Liquidator currently expects this remaining work to be complete by June 30, 2021. While the Liquidator is not currently aware of any other issues that need to be resolved, should any such issues arise before the dissolution of WEQ, they could materially impact the amount of the Final Distribution.

Press Release:  WEQ Holdings Inc. (formerly WesternOne Inc.) Provides Update on Liquidation Proceedings 

WEQ Holdings Inc. by The Bowra Group Inc. in its capacity as the Court-appointed liquidator of WEQ (the “Liquidator”), today announced that shareholders as of the close of business on February 3, 2021 (the “Record Date”) will be entitled to receive a final distribution of $0.124 per share(the “Final Distribution”) made pursuant to an order of the Supreme Court of British Columbia (the “Court”) dated December 16, 2020 (the “2020 Court Order”), approving the Liquidator making the Final Distribution and the discharge of the Liquidator on certain conditions. A Liquidation Plan dated December 17, 2018 (the “Liquidation Plan”) was approved by the Court pursuant to an Order dated December 17, 2018 (the “Liquidation Order”).

The Final Distribution represents the final payment to WEQ shareholders by the Liquidator in the liquidation of WEQ Holdings Inc. It will be characterized as a reduction of stated capital. Shareholders are advised to consult their own tax and financial advisors in respect of the Final Distribution.

By February 5, 2021, the Liquidator will transfer the aggregate value of the Final Distribution, on behalf and for the account of the Corporation, to the Corporation’s transfer agent. The Liquidator anticipates that the Final Distribution will be made by the transfer agent to WEQ shareholders on or about February 8, 2021. WEQ currently has 16,400,011 common shares issued and outstanding (the “Shares”).

Press Release:  WEQ Holdings Inc. (formerly WesternOne Inc.) Announces Final Distribution to Shareholders and Provides Update on Liquidation Proceedings

WEQ Holdings Inc. by The Bowra Group Inc. in its capacity as the Court-appointed liquidator of WEQ (the “Liquidator”), today provided an update of its estimate to complete the remaining tasks required by the order of the Supreme Court of British Columbia (the “Court”) dated December 16, 2020 (the “2020 Court Order”) approving the discharge of the Liquidator upon the completion of certain events. A Liquidation Plan dated December 17, 2018 (the “Liquidation Plan”) was approved by the Court earlier pursuant to an Order dated December 17, 2018 (the “Liquidation Order”).

As noted in its February 5, 2021 news release, the Liquidator is working to resolve the remaining known outstanding matters relating to its liquidation, including filing of the final tax return of WEQ, requesting and obtaining a final tax clearance certificate from the Canada Revenue Agency and attending to the dissolution of WEQ. The Liquidator now estimates this remaining work to be complete by August 31, 2021 at which point upon receipt of a certificate of dissolution for WEQ, all of its issued and outstanding common shares (the “Shares”) will be deemed to be cancelled by the 2020 Court Order.
 

Press Release:  WEQ Holdings Inc. (formerly WesternOne Inc.) Provides Update on Liquidation Proceedings