Great Eastern shareholders approve amalgamation and redemption of preference
shares

HALIFAX, Oct. 27 /CNW/ - Shareholders of the Great Eastern Corporation Limited today approved the amalgamation of Great Eastern with its subsidiary, The North Eastern Corporation Limited. The amalgamation is expected to become effective on November 3, 2009. Immediately following the amalgamation, Great Eastern plans to redeem all of its 5.5% voting preference shares and 4.5% voting preference shares (TSXV: GTN.PR.A-X and GTN.PR.B-X) effective at 8 a.m. EST on November 3, 2009 at a price of $10 per share plus accrued and unpaid dividends.

It is expected that holders of the 5.5% voting preference shares and 4.5% voting preference shares on the books of The Great Eastern Corporation Limited as of 8 a.m. EST on November 3, 2009 will receive the redemption price, including accrued and unpaid dividends. No new share certificates will be issued in respect of the amalgamation. Shareholders will not need to surrender certificates representing their old preference shares to receive the redemption price.

Great Eastern currently has outstanding 40,000 5.5% voting preference shares and 20,000 4.5% voting preference shares, each of which are listed on the TSX Venture Exchange. Trading in the preference shares has been halted on the TSX Venture Exchange, and is expected to remain halted until the preference shares are de-listed upon completion of the redemption.

The Great Eastern Corporation Limited is an investment holding company with its head office in Halifax, Nova Scotia.

Forward Looking Statements

This document contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors including economic conditions which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The completion of the proposed amalgamation and redemption is subject to regulatory approval. The Company specifically disclaims any obligation to update these forward-looking statements, except as required by applicable securities laws. There is no guarantee that forward-looking statements will prove to be accurate and readers should not place undue reliance on forward-looking statements.

    
    The TSX Venture Exchange Inc. has in no way passed upon the merits of the
    proposed transaction and has neither approved nor disapproved the
    contents of this press release. The transactions described in this
    release remain subject to approval of the TSX Venture Exchange.
    

SOURCE GREAT EASTERN CORPORATION LIMITED

For further information: For further information: Fred Fountain, President The Great Eastern Corporation Limited, (902) 423-8414

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GREAT EASTERN CORPORATION LIMITED

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