Extendicare Announces Voting Results for its 2024 Annual Meeting of Shareholders

Extendicare Announces Voting Results for its 2024 Annual Meeting of Shareholders

Extendicare Announces Voting Results for its 2024 Annual Meeting of Shareholders

MARKHAM, Ontario, May 23, 2024 (GLOBE NEWSWIRE) — Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) today announced the results of matters voted on at its annual meeting of shareholders held on May 23, 2024 (the “Meeting”). The voting results for each of the matters considered at the Meeting are presented below.

The total number of common shares represented by shareholders present in person or by proxy at the Meeting was 31,858,543, representing 38.21% of the Company’s outstanding common shares.

1.   Election of Directors

On a vote by ballot, the election of eight of the following nine nominees as directors of the Company to hold office until the next annual meeting of the Company, or until their respective successors are elected or appointed, was approved. Alan Hibben did not receive a majority of votes in favour at the Meeting and thus has not been re-elected as a director of Extendicare and resigned as such effective at the end of the Meeting. The results of the vote on this matter are set out below.

Nominee Votes For % Votes Against %
Norma Beauchamp 31,188,526 99.37 197,524 0.63
Dr. Michael Guerriere 31,204,369 99.42 181,681 0.58
Sandra L. Hanington 30,752,639 97.98 633,410 2.02
Alan R. Hibben 12,943,933 41.24 18,442,116 58.76
Brent Houlden 31,207,781 99.43 178,269 0.57
Donna E. Kingelin 31,148,497 99.24 237,373 0.76
Samir Manji 30,739,166 97.94 646,884 2.06
Al Mawani 30,724,478 97.89 661,572 2.11
Alan D. Torrie 30,295,942 96.53 1,090,107 3.47

Alan joined the board of directors of Extendicare in 2016 and served as a member and chair of various committees of the board, including as Chair of the Audit Committee. Alan was steadfastly independent and forthright, but also a collaborative member who placed the interests of the Company, its shareholders and those in its care above all else. We wish him well in his future board roles. The Company will in due course commence a process to address the vacancy.

2.   Appointment of Auditors

On a vote by show of hands, the appointment of KPMG LLP as the auditors of the Company to hold office until the close of the next annual meeting of the Company at such remuneration as shall be fixed by the board of directors of the Company was approved. The results of the vote on this matter are set out below.

Votes For % Votes Withheld %
30,054,828 94.37 1,793,532 5.63

3.   Approach to Executive Compensation

On a vote by show of hands, a non-binding advisory resolution to accept the Company’s approach to executive compensation disclosed in the Company’s management information and proxy circular dated April 11, 2024 was approved. The results of the vote on this matter are set out below.

Votes For % Votes Against %
30,724,273 97.92 651,594 2.08

About Extendicare

Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Partner Network brands. We are committed to delivering quality care throughout the health continuum to meet the needs of a growing seniors’ population. We operate a network of 123 long-term care homes (52 owned/71 under management contracts), deliver approximately 10.2 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 138,300 beds across Canada. Extendicare proudly employs approximately 22,000 qualified, highly trained and dedicated team members who are passionate about providing high-quality care and services to help people live better.

Forward-looking Statements

Information provided by Extendicare from time to time, including this release, contains or may contain forward-looking statements concerning anticipated future events, results, circumstances, economic performance or expectations with respect to Extendicare and its subsidiaries, including, without limitation, statements regarding its business operations, business strategy, growth strategy, results of operations and financial condition. Forward-looking statements can often be identified by the expressions “anticipate”, “believe”, “estimate”, “expect”, “intend”, “objective”, “plan”, “project”, “will”, “may”, “should” or other similar expressions or the negative thereof. These forward-looking statements reflect the Company’s current expectations regarding future results, performance or achievements and are based upon information currently available to the Company and on assumptions that the Company believes are reasonable. The Company assumes no obligation to update or revise any forward-looking statement, except as required by applicable securities laws. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to differ materially from those expressed or implied in the statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on Extendicare’s forward-looking statements. Further information can be found in the disclosure documents filed by Extendicare with the securities regulatory authorities, available at www.sedarplus.ca and on Extendicare’s website at www.extendicare.com.

Extendicare contact:

Jillian E. Fountain
Vice President, Investor Relations
T: (905) 470-5534
E: jfountain@extendicare.com