Ridley Inc.

June 12, 2015 16:35 ET

Ridley Inc. Announces Results of Special Meeting of Shareholders

MANKATO, MINNESOTA--(Marketwired - June 12, 2015) - Ridley Inc. (TSX:RCL) announced today that at its special meeting of shareholders held earlier today (the "Meeting"), Ridley shareholders approved the special resolution (the "Arrangement Resolution") authorizing the plan of arrangement (the "Arrangement") with 7111371 Manitoba Inc. (the "Purchaser") and Alltech, Inc. Pursuant to the terms of the Arrangement, the Purchaser will acquire all of the issued and outstanding common shares of Ridley for CDN $40.75 cash per common share, subject to the terms and conditions of the Arrangement Agreement dated April 22, 2015. The Arrangement Resolution was approved by 99.65% of the shares voted in person or represented by proxy at the Meeting.

The hearing on the application to the Manitoba Court of Queen's Bench to obtain the final order approving the Arrangement is scheduled to be held on June 17, 2015. If court approval is obtained and the other conditions to the completion of the Arrangement are satisfied or waived, Ridley expects that the Arrangement will be completed on or about June 18, 2015.

The cash to be paid to beneficial shareholders following completion of the Arrangement is expected to be credited to the beneficial shareholder's broker, trustee, financial institution, dealer, bank, trust company, custodian, nominee or other intermediary account through the procedures in place for such purposes between CDS and such intermediaries. Beneficial shareholders should contact their intermediary if they have any questions regarding this process.

In order for a registered shareholder to receive the cash consideration for the common shares following completion of the Arrangement, he, she or it must complete, sign, date and return the letter of transmittal, in accordance with the instructions set out therein that was mailed to all registered shareholders in connection with the Meeting. The letter of transmittal is available on SEDAR at www.sedar.com.

About Alltech

Founded in 1980 by Dr. Pearse Lyons, Alltech improves the health and performance of people, animals and plants through natural nutrition and scientific innovation. With more than 3,500 employees and a presence in 128 countries, the company has developed a strong regional presence in Europe, North America, Latin America, the Middle East, Africa and Asia.

Alltech improves health and performance by adding nutritional value naturally through its innovative use of yeast fermentation, enzyme technology, algae and nutrigenomics. Its pursuit of this mission is guided by its founding ACE principle, a promise that in doing business the company has a positive impact on the Animal, the Consumer and the Environment.

Alltech is the only privately held company among the top 10 animal health companies in the world. This is a source of competitive advantage, allowing Alltech to stay focused on customer needs, innovation and long-term objectives. The flexibility has also fueled Alltech's growth, which has been approximately 20-25 percent annually. Alltech has achieved USD $1 billion in sales and is on target to achieve USD $4 billion in sales in the next few years.

For more information, visit www.alltech.com.

About Ridley

Ridley Inc., headquartered in Mankato, Minnesota, is one of the leading animal nutrition companies in North America, serving customers mainly in the United States and Canada. Ridley employs more than 700 people in the manufacture, sales and marketing of a full range of animal nutrition products under highly regarded trade names. Ridley's common shares are listed on The Toronto Stock Exchange (trading symbol: RCL). Visit our website at www.ridleyinc.com.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable Canadian securities laws, including (but not limited to) statements about: completion of the proposed transaction and expected timing; and similar statements concerning anticipated future events, results, circumstances, performance or expectations, that reflect management's current expectations and are based on information currently available to management of Ridley. The words "may", "will", "should", "believe", "expect", "plan", "anticipate", "intend", "estimate", "predict", "potential", "continue" or the negative of these terms, or other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters, identify forward-looking matters. The following factors could cause actual results to differ materially from those discussed in the forward looking statements: failure to satisfy the conditions to complete the Arrangement, including the receipt of the required securityholder, court or regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the Arrangement Agreement; retention of customers, suppliers and personnel being adversely affected by the uncertainty surrounding the Arrangement; inability to successfully integrate the operations of the two companies following completion of the transaction; and other factors discussed in documents filed with the securities commissions across Canada by Ridley. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Ridley to differ materially from anticipated future results, performance or achievements expressed or implied by such forward- looking statements. Ridley undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.

Contact Information

  • RIDLEY Inc.
    Steve VanRoekel
    President & CEO
    (507) 388-9400

    RIDLEY Inc.
    Tyson D. Twait
    Chief Financial Officer
    (507) 388-9400

    Susanna Elliott
    (859) 473-2696

    Christopher Mittendorf
    (212) 704-8134