Onex Provides Update on MVS Shareholder Proposal

All amounts in U.S. dollars unless otherwise stated 

TORONTO, May 01, 2023 (GLOBE NEWSWIRE) -- Onex Corporation (TSX: ONEX) today announced that the Multiple Voting Shares amendment proposal (MVS Amendment) for shareholder consideration at the company’s Annual Meeting of Shareholders is receiving strong support from the holders of Subordinate Voting Shares (SVS). Of the 48% of SVS that have been voted as of Friday, April 28, 98.9% have been voted in favour of the proposal, including support from 98.5% of minority holders of SVS. 

In order for the MVS Amendment to be effective, it must be approved by, among other things, at least two-thirds of the votes cast by holders of SVS voting separately as a class. In response to a recent request from the Ontario Securities Commission, Onex also confirmed that the proposal would proceed only if supported by a majority of the votes cast by minority holders of SVS.

“We are grateful for the strong support of shareholders to date and for recognizing the merits of our plan,” said Gerry Schwartz, Chairman and CEO of Onex.

Onex encourages its shareholders to vote and notes that the two leading proxy advisory services firms, Institutional Shareholder Services Inc. and Glass, Lewis & Co., have recommended in recent reports that shareholders vote FOR the MVS Amendment.

Further information can be found in the Information Circular for the Annual Meeting of Shareholders dated March 27, 2023.

About Onex

Onex is an investor and asset manager that invests capital on behalf of Onex shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Onex’ two primary businesses are Private Equity and Credit. In Private Equity, we raise funds from third-party investors, or limited partners, and invest them, along with Onex’ own investing capital, through the funds of our private equity platforms, Onex Partners and ONCAP. Similarly, in Credit, we raise and invest capital across several private credit, public credit and public equity strategies. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, insurance companies and family offices. In total, Onex has $50.8 billion in assets under management, of which $7.9 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at . Onex’ security filings can also be accessed at .

Forward-Looking Statements

This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

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