TORONTO, Oct. 29 /CNW/ - Connors Bros. Income Fund (TSX: CBF.UN) (the
"Fund"), whose subsidiaries market consumer food products under brands such as
Bumble Bee(R), Clover Leaf(R), Brunswick(R), and Sweet Sue(R), today announced
that RiskMetrics Group (formerly Institutional Shareholder Services or ISS)
has recommended that the Fund's unitholders vote FOR the recently announced
transaction pursuant to which the Fund would sell its operating businesses to
an affiliate of Centre Partners Management LLC ("Centre Partners").
Mr. Bernard Valcourt, Chairman of the Board of the Trustees of the Fund
said, "We note that RiskMetrics assessed the proposed transaction on a number
of factors including, but not limited to, valuation, market reaction,
strategic rationale, negotiations and process, conflicts of interest, and
governance, and RiskMetrics concluded that the Transaction warrants unitholder
approval. We are pleased that RiskMetrics has confirmed the Board of Trustees'
recommendation to unitholders to approve the transaction which we made on the
basis that the transaction is fair, from a financial point of view, to and in
the best interests of the Fund's unitholders."
The Fund's special meeting of unitholders is scheduled for 10:00 a.m.
(Toronto time) on November 10, 2008 at the King Edward Hotel, 37 King Street
East, Toronto, Ontario. Unitholders are encouraged to vote by completing,
signing and dating the proxy form and returning it as soon as possible. To
ensure that they are counted, proxies should be submitted prior to 10:00 a.m.
(Toronto time) on November 7, 2008 using one of the methods described on the
form of proxy. Unitholders with any questions with respect to the transaction
or voting their units should contact the Fund's proxy solicitation agent,
Georgeson Shareholder Communications Canada, Inc. at 1-866-682-6164. The
transaction is anticipated to close in mid-November.
Forward Looking Statements
Certain statements contained or incorporated by reference in this news
release constitute forward-looking statements. The use of any of the words
"anticipate," "continue," "estimate," "expect," "may," "will," "project,"
"should," "believe" and similar expressions are intended to identify
forward-looking statements. These statements are based on, but not limited to,
management's assessment of such factors as expected consumer demand, resource
supply, and competitive environment. These statements involve known and
unknown risks, uncertainties and other factors, including those described in
the Annual Information Form of the Fund under "Risk Factors" that may cause
actual results or events to differ materially from those anticipated in such
forward-looking statements. The Fund believes the expectations reflected in
the forward-looking statements are reasonable but no assurance can be given
that these expectations will prove to be correct and such forward-looking
statements included in, or incorporated by reference into, this news release
should not be unduly relied upon. These statements speak only as of the date
of this news release. The Fund does not undertake any obligation to publicly
update or revise any forward-looking statements, except as required by
About Connors Bros. Income Fund
Connors Bros. Income Fund indirectly owns, through its subsidiaries, a
100% interest in Clover Leaf Seafoods, L.P. and Bumble Bee Foods, LLC.
Together, these two operating companies comprise North America's largest
branded seafood company, offering a full line of canned tuna, salmon, sardine
and specialty seafood products, marketed under leading brands including Clover
Leaf(R), Bumble Bee(R), Brunswick(R), Snow's(R) and Beach Cliff(R), as well as
a full-line of canned chicken products in the U.S. under the Sweet Sue(R)
brand names. For further information, please visit the Fund's website at
About Centre Partners
Centre Partners, founded in 1986, is a leading private equity firm with a
middle market focus. Centre Partners' Managing Directors have invested over
$3 billion in more than 90 companies. With offices in New York City and Los
Angeles, the firm is currently investing through its fifth fund, which has
approximately $880 million of committed capital. Centre Partners has deep
investment expertise covering consumer, healthcare, industrial products and
services, financial services, energy, media, restaurants, retail, and aviation
services. Additional information is available at www.centrepartners.com.
For further information:
For further information: Kent McNeil, Executive Vice President & Chief
Financial Officer, Connors Bros., Ltd., (858) 715-4076; For media inquiries:
Della Sweetman or Jamie Marie Leicht, Fleishman-Hillard, (619) 237-7700, Ext.
721 or 711