Thirdcoast Limited

April 30, 2012 08:52 ET

Thirdcoast-Update from the Independent Committee

GODERICH, ONTARIO--(Marketwire - April 30, 2012) - The Independent Committee of Thirdcoast Limited ("Thirdcoast" or the "Company") is providing an update on developments in relation to the insider bid (the "Insider Bid") announced by Parrish & Heimbecker, Limited ("P&H") for all of the issued and outstanding common shares of the Company it does not currently own. The Independent Committee, which is comprised of the members of the Company's board of directors independent from P&H, is supervising the preparation of the formal valuation by National Bank Financial Inc. ("NBF"). Thirdcoast management is currently compiling all of the data required by NBF to complete the formal valuation, including with respect to the Company's financial year ending March 31, 2012. The formal valuation will contain the valuator's opinion as to a range of values representing the fair market value of the Company's common shares.

Shareholders are advised that the information to be contained in the formal valuation could materially affect their decision to accept or reject the Insider Bid when it is launched by P&H, and as such, the Independent Committee urges Thirdcoast's shareholders not to take any action before the formal valuation is completed and publicly disclosed. The Independent Committee has been made aware of the fact that P&H has approached many shareholders of Thirdcoast to request that such shareholders enter into lock-up agreements with P&H. The Independent Committee does not believe it is beneficial for shareholders to enter into any such agreement until they have the benefit of reviewing the formal valuation being prepared by NBF.

About Thirdcoast Limited

Thirdcoast (formerly Goderich Elevators Limited) is a holding company for operations involved in the handling and processing of food grains and food ingredients shipped around the globe. The goal of the Company is to maximize customer and shareholder value through world class practices and continually strive for the highest levels of quality and customer care in the services and products it provides. Thirdcoast's operations are primarily carried out through its two main wholly-owned operating subsidiaries: Southpier Terminals and G.S. Dunn.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of applicable securities laws. These statements include, but are not limited to, Thirdcoast's future outlook, business strategy, plans, expectations, results or actions, or the assumptions underlying any of the foregoing. Forward-looking statements can generally be identified by words such as "may", "should", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "outlook" and similar expressions. These statements are based on information currently available to Management and on the current assumptions, intentions, plans, expectations and estimates of Management regarding Thirdcoast's future growth, results of operations, performance, business prospects and opportunities and ability to attract and retain customers as well as the economic environment in which it operates. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which could cause actual results of Thirdcoast to differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: the delivery of the formal valuation report and its contents; future actions by P&H in connection with its Insider Bid; general economic conditions; harvest volumes; elevator storage capacity; terminal elevator competition; and, other factors referenced in Thirdcoast's MD&A for the year ended March 31, 2011 and Thirdcoast's other continuous disclosure filings which are available on SEDAR at Readers should not place undue reliance on these forward-looking statements. These forward-looking statements are made as of the date of this press release, and, except as required by applicable securities laws, Thirdcoast assumes no obligation to update or revise them to reflect new events or circumstances.

Contact Information

  • Thirdcoast Limited
    Don Henry