BOUCHERVILLE, QUEBEC--(Marketwire - Nov 14, 2012) - RONA inc. ("RONA" or the "Corporation") (RON.TO)(RON-PA.TO), the largest Canadian distributor and retailer of hardware, renovation and gardening products, announced today that its Board of Directors has called its upcoming annual meeting of shareholders to be held on May 14, 2013 at the head office of the Corporation located at 220 Chemin du Tremblay, Boucherville, Quebec. The purpose of the meeting is to receive the financial statements of the Corporation for the current fiscal year, elect directors and appoint auditors for the ensuing year and transact such other business as may properly come before the meeting.
The record date for the purposes of determining shareholders entitled to receive notice of and vote at the meeting will be March 20, 2013.
In early September 2012, in connection with its upcoming annual shareholders'' meeting the Corporation''s Nominating and Governance Committee retained the services of Korn/Ferry International, an executive search firm, to assist it in identifying potential candidates as directors, in addition to directors who will be nominated for re-election.
RONA acknowledges the issuance of a press release by Invesco Canada Ltd. announcing an intention to requisition a meeting of shareholders of RONA for the purpose of removing RONA''s current directors and electing new directors in their place. As of the time of issuance of RONA''s press release, RONA had not received a meeting requisition from Invesco or any other shareholder. Invesco contacted RONA in the last few days requesting a meeting with RONA''s Chairman, which Invesco and RONA had agreed to hold later this week. Invesco indicated earlier today that it no longer wanted to hold this meeting and issued its press release.
RONA is the largest Canadian distributor and retailer of hardware, home renovation and gardening products. The Corporation operates a network of over 800 corporate, franchise and affiliate retail stores of various sizes and formats under several banners, and a network of 14 hardware and construction materials distribution centres which are flexible and perfectly adapted to the diverse needs of its clientele. RONA is also a leader in the specialized plumbing and HVAC market, primarily serving commercial and professional customers with a network of close to 60 sales outlets and four distribution centres across the country.
In total, RONA supplies nearly 1,500 sales outlets, of which over 800 are under one of its banners, as well as close to 600 clients, independent dealers, in its distribution network. With close to 30,000 employees working under its family of banners in every region of Canada, the RONA store network generates consolidated sales of $4.8 billion and over $6 billion taking into account the total impact of the retail sales of franchise dealers, affiliates and other independent dealers who buy their supplies at RONA. For more information, please visit www.rona.ca.
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