RW Packaging Provides Update on Going Private Transaction
February 22 2008 - 1:15PM
Marketwired
WINNIPEG, MANITOBA (TSX VENTURE: RWP) announced today that, at
its special meeting of shareholders held on February 21, 2008, its
shareholders approved, on a "majority of the minority" basis, a
special resolution approving: (i) the consolidation of the issued
and outstanding common shares ("Shares") of RWP on the basis of a
ratio to be determined by the board of directors of RWP; (ii) the
filing of an application to the TSX Venture Exchange ("TSXV") to
delist the Shares from the TSXV; and (iii) the filing of
applications to applicable securities regulatory authorities for an
order declaring that RWP is no longer a reporting issuer for the
purposes of applicable securities laws.
RWP also announced today that over 1.1 million Shares were
tendered pursuant to its substantial issuer bid. RWP will take up
and pay for all of the tendered Shares on or before February 29,
2008. Following the take-up and payment of the Shares, RWP will
determine the ratio to be applied to the Share consolidation. The
completion and timing of the Share consolidation, and delisting of
the Shares, is subject to the approval of the TSXV.
RWP expects to make a further public announcement regarding the
status of its going private transaction, including the Share
consolidation ratio, in early March, 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
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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