- HAS DEPOSITED DISSIDENT PROXIES FOR 61% OF OUTSTANDING SHARES
MONTREAL, June 25 /CNW Telbec/ - 6789536 Canada Inc. objects to today's
postponement by Intertape Polymer Group Inc. (NYSE, TSX: ITP) of the annual
and special meeting of shareholders called for June 26, 2007. 6789536 Canada
Inc. is soliciting proxies to vote against Intertape Polymer's Plan of
Arrangement and for the election of three alternate nominees to the Board of
Directors at the shareholders' meeting.
6789536 Canada Inc. and Intertape Polymer shareholders supporting its
initiative have deposited proxy forms or proxy appointments in respect of at
least 24,978,112 common shares of Intertape Polymer, representing 60.94% of
the 40,986,940 issued and outstanding common shares. These proxies, which were
obtained in less than one week of solicitation and without the benefit of a
mailing to all shareholders, are more than sufficient to defeat the Plan of
Arrangement and elect the three alternate nominees to the Board of Directors.
6789536 Canada Inc. believes that the delay in the meeting cannot be
justified and that it is time to let the shareholders decide. The only fact
which has changed since Intertape Polymer's last press release on June 22,
2007 is that the company has now counted the dissident proxy forms and proxy
appointments deposited on behalf of shareholders supporting 6789536 Canada
Intertape Polymer postponed the meeting to Thursday, June 28, 2007,
supposedly to provide the Board and shareholders "more time to consider the
Dissident Proxy Circular dated June 18, 2007 filed by 6789536 Canada Inc. and
the amendment thereto dated June 21, 2007." 6789536 Canada Inc. notes that its
dissident proxy circular and amendment are a combined 13 pages.
6789536 Canada Inc. categorically rejects the allegation made by
Intertape Polymer in its press release of today that there are deficiencies
and flaws in the proposals made by 6789536 Canada Inc. or in the disclosure
contained in the dissident proxy circular.
6789536 Canada Inc. also notes that Intertape Polymer has not extended
the deadline of 4 p.m. on June 21, 2007 for the deposit of proxy forms. The
only shareholders entitled to vote at the meeting are those who deposited
proxy forms or proxy appointments prior to the deadline, and registered
6789536 Canada Inc. is also consulting with its legal counsel as to the
legality of the postponement of the shareholders' meeting.
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, firstname.lastname@example.org; Melbourne Yull, (941) 349-4828,
email@example.com; Neil Wiener, Heenan Blaikie LLP, (514) 846-2208,