Saskatchewan Wheat Pool Inc.
TSX : SWP

Saskatchewan Wheat Pool Inc.

March 23, 2005 14:58 ET

Pool's Convertible Noteholders Approve Recapitalization


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: SASKATCHEWAN WHEAT POOL

TSX SYMBOL: SWP.NV.B

MARCH 23, 2005 - 14:58 ET

Pool's Convertible Noteholders Approve Recapitalization

REGINA, SASKATCHEWAN--(CCNMatthews - March 23, 2005) - Saskatchewan
Wheat Pool's (TSX:SWP.NV.B) Convertible Subordinated Noteholders today
approved the Company's recapitalization plan to continue under the
Canada Business Corporations Act (CBCA) with a single class of voting
Common Shares and to exchange the Convertible Subordinated Notes for
Common Shares.

The Plan was approved at an Extraordinary Meeting of Noteholders held
today in Regina. Approximately 99.6% of the principal amount of the
Notes represented at the meeting voted in favour of the
recapitalization. This was the final vote required to implement the
recapitalization plan announced on February 7, 2005.

Earlier today the Class B Non-Voting Shareholders approved the proposal
at a separate meeting and on February 21, Pool delegates, who represent
Class A shareholders, voted in favour of the recapitalization.

"We are extremely pleased that our stakeholders have endorsed the
transformation and recapitalization of the Pool," said Pool CEO Mayo
Schmidt. "We will operate with a robust balance sheet and a financial
foundation that will allow us to pursue strategic opportunities that
benefit our shareholders, customers and employees. I want to commend the
Board, and all Pool stakeholders for their continued support and
commitment to the Company. As a management team, we look forward to the
opportunities that will present themselves as a result of our renewed
strength."

The Pool will be proceeding to file its Articles of Continuance with the
Director General of Corporations Canada to continue as a federal
corporation governed by the CBCA. Once approval is received, the Pool
will move to list its new common shares on the Toronto Stock Exchange.
The pricing of the rights and the issuance of the final prospectus for
the offering of $150 million of new equity is expected to proceed in
mid-April.

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