Thirdcoast Limited

June 15, 2012 15:03 ET

Thirdcoast's Board Advises Shareholders to Take No Action at this Time as Alternatives Which Could Result in a Superior Proposal Continue to Be Explored

GODERICH, ONTARIO--(Marketwire - June 15, 2012) - Thirdcoast Limited ("Thirdcoast" or the "Company") announces that it has mailed its directors' circular (the "Directors' Circular") in response to the offer (the "Insider Bid") from Parrish & Heimbecker, Limited ("P&H") to Thirdcoast shareholders to purchase all of the issued and outstanding common shares (the "Common Shares") of the Company not already owned by P&H for $155 per Common Share.

The independent members of Thirdcoast's board of directors (the "Board") and Scotiabank, Thirdcoast's financial advisor, are currently exploring strategic alternatives available to the Company, including discussions with potential buyers, which could result in a superior proposal although there is no guarantee that a superior proposal will surface. As a result, the Directors' Circular asks Thirdcoast shareholders to defer making a decision on tendering their shares to the Insider Bid until there is further communication from the Board in a supplemental directors' circular, which will be sent to shareholders at least seven days before the scheduled expiry date of the Insider Bid.

The Insider Bid is currently open until July 5, 2012, and there is no need for Thirdcoast shareholders to do anything immediately. Thirdcoast advises shareholders to TAKE NO ACTION in response to the Insider Bid at this time.

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: future actions by P&H in connection with its Insider Bid; the strategic alternatives being explored by the Company; 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