Shareholders of Loring Ward International Ltd. have overwhelmingly approved the proposed plan of arrangement involving the company and Werba Reinhard Holdings Ltd., a subsidiary of Werba Reinhard, Inc.

At a special meeting in Toronto held Monday, shareholders approved the transaction, with over 90% of the votes cast in favour of the transaction, Loring Ward said.

The completion of the deal will result in shareholders receiving US$11.25 per share in cash payable in U.S. dollars in exchange for each Loring Ward common share held. The transaction is subject to final court approval on January 7, other regulatory approvals and other specific closing conditions.

The deal is currently expected to close on or about Jan. 30.

Shareholders also approved re-election of the Loring Ward’s current board of directors, appointed auditors for the current year, and approved a change in the company’s stated capital.

New York-based Loring Ward provides a turnkey asset management program to some of America’s most successful investment advisors and their clients.

Loring Ward was previously known as Assante USA prior to the sale of Assante Corp. to CI Fund Management in August 2003 for $846 million.

IE