High Liner Foods Announces Redemption of Non-Voting Equity Shares in Exchange for Common Shares
LUNENBURG, NS, Nov. 15, 2012 /CNW/ - High Liner Foods Incorporated (TSX: HLF; HLF.A) ("the Company"), the leading North American value-added frozen seafood company, announced today that it will redeem all of its issued and outstanding non-voting equity shares (the "Non-Voting Shares") in accordance with the terms of the Non-Voting Shares. Currently, 1,758,962 Non-Voting Shares are issued and outstanding and trade on the Toronto Stock Exchange under the symbol "HLF.A". The redemption price for each Non-Voting Share shall be the issuance of one common share of the Company, which will trade on the Toronto Stock Exchange under the symbol "HLF".
"The Non-Voting Shares were required for historical reasons that are no longer applicable to the Company. This redemption should simplify our capital structure as well as improve liquidity for all shareholders of the Company," commented Henry Demone, President and CEO.
The redemption of the Non-Voting Shares is expected to occur on December 17, 2012. The applicable number of common shares of the Company will then be issued to holders of Non-Voting Shares of Record on December 17, 2012, and no further action is required by such shareholders.
About High Liner Foods Incorporated
High Liner Foods Incorporated is the leading North American processor and marketer of prepared, value-added frozen seafood. High Liner's branded products are sold throughout the United States, Canada and Mexico under the High Liner, Fisher Boy, Mirabel, Sea Cuisine and Royal Sea labels, and are available in most grocery and club stores. The Company also sells its products under the High Liner, FPI, Mirabel, Viking, Icelandic Seafood, Samband of Iceland, Seastar, and Seaside brands to restaurants and institutions, and is the major supplier of private label seafood products to North American food retailers and food service distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbols HLF and HLF.A on the Toronto Stock Exchange.
This document contains forward-looking statements. Forward-looking statements can generally be identified by the use of the conditional tense, the words "may", "should", "would", "believe", "plan", "expect", "intend", "anticipate", "estimate", "foresee", "objective" or "continue" or the negative of these terms or variations of them or words and expressions of similar nature. Specific forward-looking statements in this document include, but are not limited to expectations with respect to the timing of the redemption of the Non-Voting Shares and the listing of the common shares of the Company, simplified capital structure and improved liquidity for all shareholders of the Company. By their nature, forward-looking statements involve uncertainties and risks that the forecasts and targets will not be achieved. Readers are cautioned not to place undue reliance on forward-looking statements, as actual results may differ materially from those expressed in such forward-looking statements. We include in publicly available documents filed from time to time with securities commissions and The Toronto Stock Exchange, a discussion of the risk factors that can cause anticipated outcomes to differ from actual outcomes. Except as required under applicable securities legislation, we do not undertake to update forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, whether as a result of new information, future events or otherwise.
SOURCE: High Liner Foods IncorporatedFor further information:
Executive Vice President and Chief Financial Officer
High Liner Foods Incorporated
Tel: (902) 634-6200
Tel: (416) 815-0700 ext.242