Saskatchewan Wheat Pool Inc.
TSX : SWP

Saskatchewan Wheat Pool Inc.

March 23, 2005 11:25 ET

Pool's Class B Shareholders Vote in Favor of Recapitalization Plan


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: SASKATCHEWAN WHEAT POOL

TSX SYMBOL: SWP.NV.B

MARCH 23, 2005 - 11:25 ET

Pool's Class B Shareholders Vote in Favor of
Recapitalization Plan

REGINA, SASKATCHEWAN--(CCNMatthews - March 23, 2005) - Saskatchewan
Wheat Pool's (TSX:SWP.NV.B) Class B Non-Voting Shareholders today
approved the Company's recapitalization plan to continue under the
Canada Business Corporations Act (CBCA) with a single class of voting
Common Shares. The Plan was approved at the Pool's Annual and Special
Meeting of Class B Shareholders held today in Regina. Approximately
98.9% of the Class B Shares represented in person or by proxy at the
meeting voted in favour of the recapitalization.

The Pool will be holding a meeting of its Convertible Subordinated
Noteholders this afternoon at 1:30 p.m. in Regina, to approve the
exchange of the Convertible Notes into common shares of the Company.
This will be the final vote required to implement the recapitalization
plan announced on February 7, 2005. On February 21, 2005 the first vote
was held. In excess of 66 2/3% of Delegates, who represent the Pool's
Class A shareholders, voted in favour of the plan at the special meeting
convened to consider the matter.

Saskatchewan Wheat Pool 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 agri-food processing and strategic alliances, which
allow the Pool to leverage its pivotal position between Prairie farmers
and destination customers. The Pool's Class B shares are listed on the
Toronto Stock Exchange under the symbol SWP.NV.B.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Saskatchewan Wheat Pool
    Susan Cline
    Media Contact
    (306) 569-6948
    or
    Saskatchewan Wheat Pool
    Colleen Vancha
    Investor Contact
    (306) 569-4782
    Website: www.swp.com