Regina, Saskatchewan
March 7, 2007
Saskatchewan Wheat Pool Inc. (the “Pool”) announced today
that it is extending the expiry date of its offers to acquire
all outstanding limited common voting shares and Series A
convertible preferred shares of
Agricore United
(“Agricore”). The offers, which were to expire on March 7, 2007,
are now open until 5 pm (Toronto time) on April 11, 2007, unless
further extended or withdrawn.
The Pool will file its Notice of Extension and Variation with
Canadian regulatory authorities and mail copies to all Agricore
United shareholders shortly.
The Notice of Extension and Variation provides shareholders with
an update of recent events and includes revised pro forma
information to reflect recently released financial results by
both the Pool and Agricore.
President and Chief Executive Officer Mayo Schmidt said, “We
have been making progress with the regulatory review process and
are currently assessing our next steps in light of the February
21, 2007 bid by James Richardson International Ltd. and the
Ontario Teachers' Pension Plan for Agricore. We expect to be in
a position to provide additional detail to all stakeholders in
the coming weeks.”
Saskatchewan Wheat Pool Inc. is a publicly traded agribusiness
headquartered in Regina, Saskatchewan. Anchored by a
Prairie-wide grain handling and agri-products marketing network,
the Pool channels Prairie production to end-use markets in North
America and around the world. These operations are complemented
by value-added businesses and strategic alliances, which allow
the Pool to leverage its pivotal position between Prairie
farmers and destination customers. The Pool’s common shares are
listed on the Toronto Stock Exchange under the symbol SWP at its
subscription receipts traded under the symbol SWP.R.
U.S. Shareholders
The Pool's exchange offer is being made for the shares of United
Grain Growers (also known as Agricore United), a Canadian
company, that are listed on The Toronto Stock Exchange. The
exchange offer is subject to disclosure requirements of Canada,
which requirements are different from those of the United
States. It may be difficult for U.S. shareholders to enforce
their rights and any claim they may have arising under the
federal securities laws, since the Pool and some of its officers
and directors are located in a foreign country. U.S.
shareholders may not be able to sue a foreign company or its
officers or directors in a foreign court for violations of the
U.S. securities laws.
It may be difficult to compel a foreign company and its
affiliates to subject themselves to a U.S. court's judgment.
U.S. shareholders should be aware that, to the extent
permissible, the Pool may purchase Agricore United shares
otherwise than under the exchange offer, such as in open market
or privately negotiated purchases. |
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