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Shareholders of Sears Canada elect new Board of Directors

11 May '06

1 min read

Sears Canada Inc announces that its shareholders elected a new Board of Directors at the Company's Annual General Meeting which was held in Toronto yesterday.

Of the 107,545,678 issued and outstanding common shares of the Company, 93,436,391 shares, or approximately 86.9 percent, were represented in person or by proxy at the meeting.

Proxies representing 89,278,758 shares, or approximately 95.6 percent of the total shares represented at the meeting, authorized management of the Company to vote in favour of the election of the directors nominated by Sears Holdings.

Excluding the shares of the Company owned by Sears Holdings prior to the commencement of its takeover bid (the "Minority"), approximately 63.3 percent of the Minority gave the affirmative authority to management to vote, by proxy, in favour of the election of the directors nominated by Sears Holdings.

Of the proxies received from the Minority, 88.4 percent supported the election of the Sears Holdings slate of directors.

Sears Canada is a multi-channel retailer with a network of 188 corporatestores, 181 dealer stores, 65 home improvement showrooms, over 2,000 catalogue merchandise pick-up locations, 107 Sears Travel offices and a nationwide home maintenance, repair, and installation network.

Sears Canada Inc

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