MONTREAL, June 22 /CNW Telbec/ - 6789536 Canada Inc. announces that it
has filed an amendment to its dissident proxy circular in connection with the
annual and special meeting of shareholders of Intertape Polymer Group Inc.
(NYSE, TSX: ITP) to be held on June 26, 2007. 6789536 Canada Inc. is
soliciting proxies to vote against Intertape Polymer's Plan of Arrangement and
for the election of alternate nominees to the Board of Directors at the
As a result of the amendment, 6789536 Canada Inc. is soliciting proxies
for the election of three nominees for election as directors, that is, Eric E.
Baker, Allan Cohen and Melbourne F. Yull, as opposed to six nominees. The
reduction in the number of nominees from six to three is necessary in light of
certain provisions in agreements relating to Intertape Polymer's credit
facilities and outstanding notes, entered into by Intertape Polymer in 2004. A
complete change of the Board of Directors of Intertape Polymer at the
shareholders' meeting may result in an event of default under such agreements.
In the view of 6789536 Canada Inc., the election of Eric E. Baker, Allan Cohen
and Melbourne F. Yull at the shareholders' meeting to a six-person Board of
Directors will not cause a default under such agreements. The subsequent
appointment of additional directors by a requisite majority of the Board of
Directors, whether upon the resignation of certain directors or pursuant to
the Articles of Intertape Polymer, similarly should not constitute an event of
default under such agreements.
Eric E. Baker, President of 6789536 Canada Inc. said: "We are gratified
by the strong support that we have received from shareholders of Intertape
Polymer. In light of the proxy forms submitted by shareholders, we are very
confident that we will be successful at the shareholders' meeting on June 26."
6789536 Canada Inc. wishes to thank Messrs. George J. Bunze, Stéphane
Lebrun and Torsten A. Schermer for having agreed to stand for election as
directors of Intertape Polymer.
A copy of the dissident proxy circular and the amendment are available
under Intertape Polymer Group Inc. at www.sedar.com.
For further information:
For further information: Eric E. Baker, Altacap Investors Inc., (514)
631-2682, email@example.com; Melbourne Yull, (941) 349-4828,