Pan-O-Lac Ltd.

November 17, 2006 09:16 ET

Pan-O-Lac Puts an End to its Takeover Offers for Amisk Inc.

MONTREAL, QUEBEC--(CCNMatthews - Nov. 17, 2006) - PAN-O-LAC LTD. (the "Offeror") announces today that all conditions relative to the cash Offers (the "Offers") made to purchase all the outstanding Class A multiple voting shares and Class B subordinate voting shares (the "Shares") of AMISK INC. ("Amisk") have been partially met. The Offeror will thus control, upon take-up of the Shares deposited pursuant to the Offers approximately 72.9% the issued and outstanding Shares.

The Offeror has advised Amisk that 1,592,451 Shares of Amisk representing approximately 41.27% of the outstanding Shares (except Shares held by the Offeror) were validly tendered pursuant to its extended Offers as at 5:00 p.m. (Montreal time) on November 15, 2006.

As the conditions to the Offers have been partially satisfied, the Offeror has instructed the Depositary, Computershare Investors Services Inc., to take up and pay all the Shares deposited pursuant to the Offers on the basis of $0,40 (Cnd.) per Share. Payment to Amisk shareholders who deposited their Shares pursuant to the Offers, will be made on or about November 25, 2006.

The Offeror hereby advises that it will not further extend its takeover offers for Amisk and thus puts an end thereto.

Contact Information

  • Pan-O-Lac Ltd.
    Mr. Jean-Louis Vigneault