Saskatchewan Wheat Pool Inc.
TSX : SWP

Saskatchewan Wheat Pool Inc.

June 11, 2007 16:33 ET

Pool Takes Up Additional Shares of Agricore United

REGINA, SASKATCHEWAN--(Marketwire - June 11, 2007) - Saskatchewan Wheat Pool Inc. (TSX:SWP) (the "Pool") announced today that it has taken up an additional 1,329,514 limited voting common shares (the "Common Shares") and 49,606 Series A convertible preferred shares (the "Preferred Shares") of Agricore United ("AU") pursuant to its offers dated November 24, 2006, as amended, to acquire all of the outstanding Common Shares and all of the outstanding Preferred Shares (the "Offers"). The additional Common Shares taken up by the Pool represent approximately 2.2% of the outstanding Common Shares. The additional Preferred Shares taken up by the Pool represent approximately 4.5% of the outstanding Preferred Shares.

The Common Shares and the Preferred Shares taken up by the Pool today are in addition to the shares taken up by the Pool under the Offers on May 29, 2007 and June 4, 2007. Following today's take-up, the Pool will own or exercise control over 85.1% of the outstanding Common Shares and 53.8% of the outstanding Preferred Shares.

The Pool made the Offers with the intent to acquire all the outstanding Common Shares and Preferred Shares. Pursuant to the acquisition agreement (the "Acquisition Agreement") entered into between the Pool and AU as of May 9, 2007, AU will hold two special meetings of holders of Common Shares on June 13, 2007 to consider the continuance of AU (the "Continuance") under the Canada Business Corporations Act (the "CBCA") and a plan of arrangement involving the Pool, AU and its securityholders (the "Arrangement"). The Continuance will result in AU becoming subject to all of the provisions of the CBCA, including those provisions providing for the election of all of the directors of AU by holders of Common Shares. The Arrangement will effect a series of transactions as a result of which Common Shares not taken up and paid for under the Offers will be acquired by the Pool for $20.50 in cash per Common Share. Preferred Shares not acquired under the Offers will be redeemed by AU for $24.00 in cash per Preferred Share plus accrued and unpaid dividends. As the 75% minimum tender condition under the Offers has been satisfied, the Pool will have sufficient voting power to approve the Continuance and the Arrangement, the latter of which is expected to be completed on or about June 15, 2007. Upon completion of the Arrangement, AU will become a wholly owned subsidiary of the Pool.

Saskatchewan Wheat Pool Inc. is a publicly traded agribusiness headquartered at 2625 Victoria Avenue 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.

Contact Information

  • Saskatchewan Wheat Pool
    Colleen Vancha
    Shareholder Contact
    (306) 569-4782
    or
    Saskatchewan Wheat Pool
    Susan Cline
    Media Contact
    (306) 569-6948
    Website: www.swp.com/investor.html