Glencoe Skydome Holdings, L.P.

March 03, 2009 19:04 ET

Glencoe Skydome Holdings, L.P. Announces Exchange of Debentures for Common Shares of Polyair Inter Pack Inc.

TORONTO, ONTARIO--(Marketwire - March 3, 2009) - Glencoe Skydome Holdings, L.P. ("GSH") announces that it has elected to exchange US$8,000,000 aggregate principal amount of exchangeable debentures and $156,575 of accrued interest thereon pursuant to the terms of the exchangeable debentures. GSH will acquire 163,131,500 common shares of Polyair Inter Pack Inc. ("Polyair") (TSX:PPK) on March 11, 2009 upon the effectiveness of the exchange, representing approximately 95.9% of the total number of common shares of Polyair outstanding following the exchange. The acquisition of common shares on this exchange brings GSH's total holdings in Polyair to 166,761,912 common shares representing approximately 98.02% of the total outstanding shares of Polyair.

The common shares were acquired for investment purposes. GSH reserves the right to change its plans at any time, as it deems appropriate, in light of its ongoing evaluation of (a) Polyair's financial condition, business, operations, competitive position, prospects and/or share price, (b) industry, economic and/or securities markets conditions, and (c) other relevant factors. Without limiting the generality of the preceding sentence, GSH reserves the right to at any time or from time to time (i) purchase or otherwise acquire additional common shares, or other securities of Polyair, or instruments convertible into or exercisable for any such securities (collectively, "Issuer Securities"), in the open market, in privately negotiated transactions or otherwise, (ii) sell, transfer or otherwise dispose of Issuer Securities in the open market, in privately negotiated transactions or otherwise, or (iii) encourage (including, without limitation, communications with Polyair's directors and management, existing or potential security holders, investors or lenders) Polyair to consider or explore (A) a going private transaction which would result in Polyair no longer being a public issuer, (B) sales or acquisitions of assets or businesses, or extraordinary corporate transactions, such as a merger or other reorganization, (C) changes to Polyair's capitalization or (D) other changes to Polyair's business or structure.

For further information (and to obtain a copy of the report to be prepared by GSH in accordance with Canadian securities laws), please contact

Beth Satterfield
(312) 795-6300

c/o Glencoe Capital, LLC
222 West Adams Street, Suite 1000
Chicago, IL 60606

Contact Information

  • Glencoe Capital, LLC
    Beth Satterfield
    (312) 795-6300