VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 27, 2013) - Ainsworth Lumber Co. Ltd. (TSX:ANS) ("Ainsworth" or the "Company") today announced that the Supreme Court of British Columbia (the "Court") has issued an interim order authorizing, among other things, the holding of a special meeting of the holders of common shares of Ainsworth (the "Shareholders"), at which the Shareholders will be asked to approve the previously announced proposed plan of arrangement (the "Transaction") involving the acquisition by Louisiana-Pacific Corporation ("LP") of all of the outstanding Ainsworth shares.
The special meeting is scheduled to be held at the Four Seasons Hotel, 791 West Georgia Street, Vancouver, British Columbia at 10:00 a.m. (Vancouver time) on October 29, 2013. The record date for determining the Shareholders entitled to receive notice of and vote at the special meeting is September 24, 2013. The Company's information circular being prepared in connection with the special meeting will include a summary of the arrangement agreement between Ainsworth and LP, dated September 4, 2013 and additional details concerning the Transaction. The Company expects to begin mailing the information circular, form of proxy and letter of transmittal and election form to the Shareholders on or about September 30, 2013, at which time the documents will also be made available under Ainsworth's profile on the SEDAR website at www.sedar.com.
If the Transaction is approved by the Shareholders at the special meeting, the Company will attend a hearing before the Court scheduled for October 31, 2013 to ask the Court to grant a final order in respect of the Transaction. Subject to obtaining the Shareholder, Court, and other approvals and clearances and satisfaction or waiver of all other conditions precedent to the Transaction, it is anticipated that the Transaction will be completed by the end of 2013.
Cautionary Statement Regarding Forward-Looking Information
Forward-looking information provided in this news release relating to Ainsworth's expectations regarding the Transaction, the completion of the Transaction, the holding of the special meeting, the hearing to obtain the final order and Ainsworth's future prospects and financial position are forward-looking information pursuant to National Instrument 51-102 promulgated by the Canadian Securities Administrators. Ainsworth believes that expectations reflected in such information are reasonable, but no assurance is given that such expectations will be correct. Forward-looking information is based on Ainsworth's beliefs and assumptions based on information available at the time the assumption was made and on management's experience and perception of historical trends, current conditions and expected further developments as well as other factors deemed appropriate in the circumstances. Investors are cautioned that there are risks and uncertainties related to such forward-looking information and actual results may vary. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking information include, without limitation, factors detailed from time to time in Ainsworth's periodic reports filed with the Canadian Securities Administrators and other regulatory authorities. The forward-looking information is made as of the date of this news release and Ainsworth assumes no obligation to update or revise them to reflect new events or circumstances, except as explicitly required by securities laws.
Ainsworth Lumber Co. Ltd. is a leading manufacturer and marketer of oriented strand board ("OSB") with a focus on value-added specialty products for markets in North America and Asia. Ainsworth's four OSB manufacturing facilities, located in Alberta, British Columbia and Ontario, have a combined annual capacity of 2.5 billion square feet (3/8-inch basis) OSB. Ainsworth is a publicly traded company listed on the Toronto Stock Exchange under the symbol ANS.