Maple Leaf Foods Appoints Replacement Trustee for Restricted Share Unit Plan
Maple Leaf Foods Inc.(TSX: MFI) today announced that in order to simplify administration of its Restricted Share Unit Plan ("Plan"), it has appointed Computershare Trust Company of Canada as the sole trustee of the Plan Trust, thereby replacing four company executives who previously served in such capacity. The appointment is effective February 25, 2008.
The Plan is an equity compensation program established in September 2006. Shares of Maple Leaf Foods ("Shares") required to satisfy the awards made under the Plan are purchased on the open market through the TSX by the Plan Trust.
Four officers of the Company, Michael H. McCain, Michael H. Vels, Wayne Johnson and Rocco Cappuccitti, previously acted as the Plan trustees and purchases made by the Plan Trust were reported by these trustees in insider trading reports filed on SEDI, the electronic insider reporting system. As a result of the change in trustees, each of the four executives will file an insider report advising that they no longer have control or direction over the 2,169,000 shares currently held by the Plan Trust. While these insider trade report filings will reduce the number of shares reported by these previous trustees, there has been no disposition of any shares by the Plan Trust.
Maple Leaf Foods Inc. is a leading food processing company, headquartered in Toronto, Canada. The Company employs approximately 23,000 people at its operations across Canada and in the United States, the United Kingdom and Asia. The Company had sales of $5.2 billion in 2007.
SOURCE: Maple Leaf Foods Inc.Lynda Kuhn, (416) 926-2026
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