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Standard Tolling shareholders vote to dissolve company

Standard Tolling Corp. said March 31 that shareholders voted in favor of voluntarily dissolving the company during the annual general and special meeting held the same day.

The shareholders also authorized the company's board to settle Standard Tolling's debts and obligations, to be followed by the application for immediate dissolution, which is expected to be filed April 24.

Standard Tolling reached a conditional agreement with its creditors, under which the majority of its debts will be forgiven while the remaining amounts will be settled in cash, subject to Standard Tolling shareholders approving the dissolution resolution.

Standard Tolling has applied to delist its shares from the TSX Venture Exchange, which is expected to take effect April 21.