Saputo Inc.

Saputo Inc.

August 28, 2012 16:11 ET

Saputo Announces Secondary Offering of Its Common Shares

MONTREAL, QUEBEC--(Marketwire - Aug. 28, 2012) -


Saputo Inc. ("Saputo" or the "Corporation") (TSX:SAP) announced today that its shareholder Jolina Capital Inc. (the "Selling Shareholder"), a holding company controlled by Mr. Emanuele (Lino) Saputo, has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc. and BMO Capital Markets (the "Underwriters"). Pursuant to such agreement, the Underwriters have agreed to purchase 3,100,000 Saputo common shares held, directly or indirectly, by the Selling Shareholder at an offering price of $41.70 per share.

The Selling Shareholder owns as of the date hereof, directly or indirectly, 69,879,924 common shares representing in the aggregate 35.3% of the issued and outstanding common shares of the Corporation. After giving effect to this offering, the Selling Shareholder will own 66,779,924 common shares of the Corporation, representing approximately 33.7% of the outstanding common shares of the Corporation. Saputo will not receive any proceeds from this offering. All the expenses of this offering and the Underwriters' fee will be paid by the Selling Shareholder.

A preliminary short form prospectus relating to the offering will be filed by no later than September 4, 2012 with Canadian securities regulatory authorities. Closing of the offering is expected to occur on or about September 18, 2012 and is subject to certain conditions, including the approval of the Canadian securities regulatory authorities.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities referred to in this press release have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

About Saputo

Saputo produces, markets, and distributes a wide array of products of the utmost quality, including cheese, fluid milk, yogurt, dairy ingredients and snack-cakes. Saputo is the 12th largest dairy processor in the world, the largest in Canada, the third largest in Argentina and among the top three cheese producers in the United States. Our products are sold in more than 50 countries under well-known brand names such as Saputo, Alexis de Portneuf, Armstrong, Baxter, Dairyland, Danscorella, Dragone, DuVillage 1860, Frigo Cheese Heads, Great Midwest, King's Choice, Kingsey, La Paulina, Neilson, Nutrilait, Ricrem, Salemville, Stella, Treasure Cave, hop & go, Rondeau and Vachon. Saputo is a publicly traded company whose shares are listed on the Toronto Stock Exchange under the symbol "SAP".

Forward looking statements

Certain statements in this news release may contain forward-looking statements within the meaning of securities laws. These statements are based, among other things, on Saputo's assumptions, expectations, estimates, objectives, plans and intentions as of the date hereof regarding projected revenues and expenses, the economic, industry, competitive and regulatory environments in which Saputo operates or which could affect its activities, its ability to attract and retain customers and consumers, as well as the availability and cost of milk and other raw materials and energy supplies, its operating costs and the pricing of its finished products on the various markets in which it carries on business.

These forward-looking statements include, among others, statements with respect to Saputo's short and medium term objectives, outlook, business projects and strategies to achieve those objectives, as well as statements with respect to Saputo's beliefs, plans, objectives and expectations. The words "may", "should", "will", "would", "believe", "plan", "expect", "intend", "anticipate", "estimate", "foresee", "objective", "continue", "propose" or "target", or the negative of these terms or variations of them, the use of conditional tense or words and expressions of similar nature, are intended to identify forward-looking statements.

By their nature, forward-looking statements are subject to a number of inherent risks and uncertainties. Actual results could differ materially from the conclusion, forecast or projection stated in such forward-looking statements. As a result, Saputo cannot guarantee that any forward-looking statements will materialize. Assumptions, expectations and estimates made in the preparation of forward-looking statements and risks that could cause actual results to differ materially from current expectations are discussed in the Corporation's materials filed with the Canadian securities regulatory authorities from time to time, including the "Risks and Uncertainties" section of the Management's Discussion and Analysis included in the Corporation's 2012 Annual Report.

Forward-looking statements are based on Management's current estimates, expectations and assumptions, which Management believes are reasonable as of August 28, 2012, and, accordingly, are subject to changes after such date. You should not place undue importance on forward-looking statements and should not rely upon this information as of any other date.

Except as required under applicable securities legislation, Saputo does not undertake to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Saputo Inc.
    Sandy Vassiadis
    Director, Corporate Communications