Tricap Management Limited

May 20, 2005 16:53 ET

Tricap Purchases 575,000 Shares Of Western Forest Products

TORONTO, ONTARIO--(CCNMatthews - May 20, 2005) - Tricap Management Limited ("Tricap") announced today that it purchased 425,000 common shares of Western Forest Products Inc. (TSX:WEF) on May 10, 2005, and purchased an additional 150,000 shares of Western on May 19, 2005, representing in aggregate of approximately 2.25% of the issued and outstanding common shares of Western. This brings the total number of Western shares beneficially owned by Tricap, or over which it has direction or control, to 5,138,228 common shares, representing 20.09% of the issued and outstanding common shares of Western.

Tricap purchased the shares as manager of Tricap Restructuring Fund for investment purposes. Tricap is continuing to review its investment alternatives and may acquire additional common shares or make an offer to acquire all or part of the outstanding commons shares of Western or may sell the shares it now holds in the open market or in privately negotiated transactions to one or more persons.

The Tricap Restructuring Fund was established by Brascan Corporation (NYSE/TSX:BNN) to provide a source of patient, long-term capital and strategic assistance to companies experiencing financial or operational difficulty. With dedicated capital exceeding $415 million and strong industry and financial management expertise, the Tricap Restructuring Fund is well positioned to assist these companies in reaching their full potential.

Contact Information

  • Tricap Restructuring Fund
    J. Peter Gordon
    Managing Partner
    (416) 359-2619
    or
    Tricap Restructuring Fund
    Suite 1000
    33 Yonge Street
    Toronto, Ontario