Special Committee of the Board Proceeds with Mandate
TORONTO, Aug. 11, 2010 (Canada NewsWire via COMTEX) --
Maple Leaf Foods ("Maple Leaf" or the "Company") (TSX: MFI) previously announced the formation of a special committee of the board to consider any matter that may arise as a result of the termination on June 30, 2010, of the shareholders' agreement between the Company's two largest shareholders, McCain Capital Corporation (MCC) and the Ontario Teachers' Pension Plan Board (Teachers).
The mandate of the special committee is exclusively to monitor the process carried out by Maple Leaf Foods in connection with any actions that the Company may take, or agreements it may enter into, in connection with the potential sale of all or a portion of the voting and non-voting shares of Maple Leaf Foods held by Teachers and to consider any matter that may arise as a result of the termination of the shareholders agreement between MCC and Teachers.
"The special committee has had ongoing discussions with both Teachers and McCain Capital and has been actively involved in the events arising as a result of the termination of the shareholders agreement", said James Hankinson, chair of the special committee. "We will continue to discharge our specific mandate by monitoring the process and considering any proposal or request made to the Company in respect of the remaining shareholdings of the Company currently held by Teachers".
This press release may contain forward-looking statements. These statements are not guarantees of future performance and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by these forward-looking statements are discussed more fully in the Company's filings with the securities regulatory authorities, including its management's discussion and analysis, all of which are available on SEDAR at www.sedar.com. The Company does not intend, and the Company disclaims any obligation to update any forward-looking statements, whether written or oral, or whether as a result of new information, future events or otherwise except as required by law.
Maple Leaf Foods Inc. is a leading food processing company, headquartered in Toronto, Canada. The Company employs approximately 23,500 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 2009.
SOURCE: Maple Leaf Foods Inc.
Michael Vels, Executive Vice President & Chief Financial Officer, 416-926-2048