Saskatchewan Wheat Pool Inc.

Saskatchewan Wheat Pool Inc.

March 07, 2007 11:20 ET

Pool Extends Bid for Agricore

REGINA, SASKATCHEWAN--(CCNMatthews - March 7, 2007) - Saskatchewan Wheat Pool Inc. (TSX:SWP) (the "Pool") announced today that it is extending the expiry date of its offers to acquire all outstanding limited common voting shares and Series A convertible preferred shares of Agricore United ("Agricore"). The offers, which were to expire on March 7, 2007, are now open until 5 pm (Toronto time) on April 11, 2007, unless further extended or withdrawn.

The Pool will file its Notice of Extension and Variation with Canadian regulatory authorities and mail copies to all Agricore United shareholders shortly.

The Notice of Extension and Variation provides shareholders with an update of recent events and includes revised pro forma information to reflect recently released financial results by both the Pool and Agricore.

President and Chief Executive Officer Mayo Schmidt said, "We have been making progress with the regulatory review process and are currently assessing our next steps in light of the February 21, 2007 bid by James Richardson International Ltd. and the Ontario Teachers' Pension Plan for Agricore. We expect to be in a position to provide additional detail to all stakeholders in the coming weeks."

Saskatchewan Wheat Pool Inc. is a publicly traded agribusiness headquartered in Regina, Saskatchewan. Anchored by a Prairie-wide grain handling and agri-products marketing network, the Pool channels Prairie production to end-use markets in North America and around the world. These operations are complemented by value-added businesses and strategic alliances, which allow the Pool to leverage its pivotal position between Prairie farmers and destination customers. The Pool's common shares are listed on the Toronto Stock Exchange under the symbol SWP at its subscription receipts traded under the symbol SWP.R.

U.S. Shareholders

The Pool's exchange offer is being made for the shares of United Grain Growers (also known as Agricore United), a Canadian company, that are listed on The Toronto Stock Exchange. The exchange offer is subject to disclosure requirements of Canada, which requirements are different from those of the United States. It may be difficult for U.S. shareholders to enforce their rights and any claim they may have arising under the federal securities laws, since the Pool and some of its officers and directors are located in a foreign country. U.S. shareholders may not be able to sue a foreign company or its officers or directors in a foreign court for violations of the U.S. securities laws.

It may be difficult to compel a foreign company and its affiliates to subject themselves to a U.S. court's judgment. U.S. shareholders should be aware that, to the extent permissible, the Pool may purchase Agricore United shares otherwise than under the exchange offer, such as in open market or privately negotiated purchases.

Forward Looking Information

This release contains forward looking statements that involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such statements. Important factors that could affect these statements include, without limitation, weather conditions; producer's decisions regarding total planted acreage, crop selection, and utilization levels of farm inputs such as fertilizers and pesticides; Canadian grain export levels; changes in government policy and transportation deregulation; world agricultural commodity prices and markets; changes in competitive forces including pricing pressures; and global political and economic conditions, including grain subsidy actions of the United States and European Union.

Contact Information

  • Shareholder contact:
    Kingsdale Shareholder Services Inc.
    Toll-free at 1-866-301-3454
    Media Contact:
    Saskatchewan Wheat Pool Inc.
    Susan Cline
    (306) 569-6948