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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
April 24, 2000 (April 14, 2000)
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Date of Report (Date of earliest event reported)
PHILIP SERVICES CORPORATION
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(Exact name of Registrant as specified in its charter)
Delaware 0-30417 98-0131394
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(State or other jurisdiction) (Commission File (IRS Employer
of incorporation) Number) Identification No.)
100 King Street West, P.O. Box 2440, LCD1, Hamilton, Ontario, Canada L8N 4J6
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(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (905) 521-1600
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
On April 14, 2000 Philip Services Corporation, a Delaware corporation
("Philip"), announced that The Toronto Stock Exchange ("TSE") and NASDAQ had
notified Philip that the shares of Philip Services Corp., an Ontario corporation
("PSC"), the predecessor company to Philip, would be delisted on the TSE and
would cease trading on the NASDAQ Electronic Bulletin Board at the close of
trading on Friday April 14, 2000. Philip also announced that the shares of the
newly restructured company, Philip, would be posted for trading on Monday April
17, 2000 at the market opening on the TSE under the stock symbol "PSC" and on
the NASDAQ OTC market under the stock symbol "PHVC".
A copy of the press release announcing that shares of Philip will commence
trading on April 17, 2000 is attached hereto as Exhibit 99.1.
<TABLE>
<CAPTION>
Exhibit
Number Description
- ------ -----------
<S> <C>
99.1 Press release, dated April 14, 2000, announcing that shares of
Philip will commence trading on April 17, 2000.
</TABLE>
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
PHILIP SERVICES CORPORATION
By: /s/ Colin H. Soule
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Colin H. Soule
Executive Vice President,
General Counsel and
Corporate Secretary
Date: April 24, 2000
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
Number Description
- ------ -----------
<S> <C>
99.1 Press release, dated April 14, 2000, announcing that shares of
Philip will commence trading on April 17, 2000.
</TABLE>
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EXHIBIT 99.1
NEWS RELEASE
SHARES OF NEWLY RESTRUCTURED PHILIP SERVICES CORPORATION TO COMMENCE TRADING
APRIL 17, 2000
Hamilton, Ontario, April 14, 2000: Philip Services Corporation today announced
that The Toronto Stock Exchange ("TSE") and NASDAQ have notified the Company
that the shares of Philip Services Corp. will be delisted on the TSE and will
cease trading on the NASDAQ Electronic Bulletin Board at the close of trading on
Friday April 14, 2000.
The shares of the newly restructured company, Philip Services Corporation, will
be posted for trading on Monday April 17, 2000 at the market opening on the TSE
under the stock symbol "PSC" and on the NASDAQ OTC market under the stock symbol
"PHVC".
Existing shareholders of Philip Services Corp. will receive their pro rata share
of 480,000 common shares of the restructured company, or one share for every 273
they hold as of the close of trading on the TSE record date of April 19, 2000.
American Securities Transfer & Trust, Inc., Philip Services Corporation's U.S.
transfer agent, will manage the share issuance. It is expected the distribution
of these new shares to existing shareholders will occur within one week after
the record date.
Philip Services is an integrated metals recovery and industrial services company
with operations throughout the United States, Canada and Europe. Philip provides
diversified metals services, together with by-products management and industrial
outsourcing services, to all major industry sectors.
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Contact:
Lynda Kuhn
Senior Vice President Public Affairs
(905) 540-6702
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