RW Packaging Provides Update on Its Proposed Going Private Transaction
December 12 2007 - 5:31PM
Marketwired
WINNIPEG, MANITOBA (TSX VENTURE: RWP) announced today an update
on its proposed going private transaction. The going private
transaction will be a two-step transaction comprised of: (i) an
offer by the Corporation to repurchase for cancellation up to
1,796,846 of its common shares ("Shares") (being all of the issued
and outstanding Shares of the Corporation other than those held by
Mr. Henry DeRuiter, Ms. Deanne Downey and Mr. Vincent Pileggi
(collectively, the "Non-Tendering Shareholders")) at a price of
$0.65 per share, subject to certain conditions, through a
substantial issuer bid (the "Issuer Bid"); and (ii) a subsequent
consolidation of shares (the "Share Consolidation") which is
intended to result in the minority shareholders (being all of the
shareholders other than the Non-Tendering Shareholders and their
associates) receiving, in lieu of any fractional post-consolidation
Shares, a cash payment of $0.65 for every pre-consolidation Share
held. The closing of the Issuer Bid will be subject to the
satisfaction of certain conditions, including that the Share
Consolidation has received the approval of shareholders, including
on a "majority of the minority" basis (being a majority of votes
cast at the meeting by shareholders of the Corporation other than
the Non-Tendering Shareholders and their associates).
The special meeting (the "Special Meeting") of shareholders to
consider the resolution approving the Share Consolidation will be
held at 1:30 p.m. (local time) on Thursday, February 21, 2008 at
Hilton Suites - Winnipeg Airport, 1800 Wellington Avenue in
Winnipeg, Manitoba. January 2, 2008 is the record date for
determining shareholders who are entitled to receive notice of, and
to attend and vote at the Special Meeting.
The expiry date of the Issuer Bid, being the date by which
shareholders must tender their shares under the bid, is expected to
be February 21, 2008.
The Corporation also announced that it will mail to
shareholders, in a single package, the Issuer Bid circular and the
management information circular for the Special Meeting. The
mailing is expected to occur on January 9, 2008.
RW is GMP licensed and ISO 9001 registered. The Company blends
and packages liquid and powder private brand consumer products for
major retailers and national brand marketers across North
America.
Additional information relating to the Company is available
online at www.sedar.com or the Company's website at
www.rwpackaging.com.
Shares Issued 6,587,680
2007-12-11 Close $0.61
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for, the adequacy or accuracy of this release.
Contacts: RW Packaging Ltd. Mr. Henry De Ruiter President and
CEO Toll Free: 1-800-284-6338 Email: rwp@rwpackaging.com Website:
www.rwpackaging.com
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