Independent proxy advisory firms ISS Canada and Glass Lewis recommend that TimberWest unitholders vote in favour of management proposals at upcoming annual general and special meeting



    VANCOUVER, April 24 /CNW/ - TimberWest Forest Corp ("TimberWest") today
announced that RiskMetrics Group - ISS Governance Services ("ISS") and Glass
Lewis & Co., LLC ("Glass Lewis"), leading independent proxy advisory firms,
each published a report recommending that unitholders of TimberWest support
the proposed conversion of preferred shares into common shares and the
potential future issuance of additional convertible debentures as
payment-in-kind of interest on TimberWest's outstanding convertible
debentures.
    The conversion of the preferred shares into common shares has been
proposed in order to simplify TimberWest's capital structure and eliminate
administrative burdens and related expenses associated with maintaining the
preferred shares. TimberWest proposes to consolidate the common shares
immediately following the conversion in order to ensure that each Stapled Unit
continues to include a single common share in addition to the Series A Note
component. The conversion and consolidation should have no adverse tax
consequences for unitholders, provided that they meet the requirements
described in the information circular under the heading "Particulars of Other
Matters to be Acted Upon - Certain Canadian Federal Income Tax Consequences". 
The conversion and consolidation have been conditionally approved by the
Toronto Stock Exchange ("TSX").
    TimberWest is also seeking unitholder approval for the potential issuance
of additional convertible debentures as payment-in-kind of interest for up to
four interest periods on the convertible debentures it issued in connection
with its rights offering and private placement in February 2009. Although the
Company expects to pay interest on the convertible debentures in cash for the
foreseeable future, the Company agreed to seek unitholder approval of such
issuances under the investor rights agreement it entered into with two
wholly-owned subsidiaries of British Columbia Investment Management
Corporation (the "bcIMC Investors"), who together purchased $100 million of
convertible debentures. These provisions were included to provide greater
certainty to the bcIMC Investors regarding the Company's ability to pay
interest on the convertible debentures in kind, which in certain circumstances
would require unitholder approval under applicable TSX rules.
    Resolutions approving these proposals will be considered at the annual
and special meeting (the "Meeting") of unitholders to be held on May 6, 2009.
Unitholders can vote by phone, internet or mail. Additional information
regarding the proposals and instructions for voting can be found in the
information circular that was mailed to unitholders in April and which is
available at TimberWest's profile on SEDAR at www.sedar.com. If unitholders
have questions about voting or other matters relating to the Meeting, they can
contact TimberWest's proxy solicitor, Laurel Hill Advisory Group, toll-free at
1-888-882-6599. Proxies must be received no later than 2:00 p.m. (Vancouver
time) on May 4, 2009.

    Forward Looking Statements

    The statements in this press release which are not historical facts are
forward-looking statements that involve risks and uncertainties. TimberWest's
actual results could differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause or contribute to such
differences include, but are not limited to, general economic conditions,
variations in TimberWest's product prices and changes in commodity prices
generally, changes in market conditions, variations in harvest levels, changes
in log transportation costs, actions of competitors, interest rate and foreign
currency fluctuations, regulatory, harvesting fee and trade policy changes and
other actions by governmental authorities including real estate zoning
approvals, the ability to implement business strategies and pursue business
opportunities, labour relations, weather conditions, forest fires, insect
infestation, disease and other natural phenomena and other risks and
uncertainties described in TimberWest's public filings with securities
regulatory authorities.

    About TimberWest

    TimberWest Forest Corp. is uniquely positioned as western Canada's
largest private timber and land management company. The Company owns in fee
simple approximately 322,000 hectares or 796,000 acres of private land and is
in the business of selling timber products and real estate

    Stapled Units of TimberWest Forest Corp. are traded on the Toronto Stock
Exchange under the symbol: TWF.UN

    Visit us at our web site: www.timberwest.com

    %SEDAR: 00009326E




For further information:

For further information: Investor Relations Contact: Bev Park, Executive
Vice President and Chief Financial Officer, Telephone: (604) 654-4600,
Facsimile: (604) 654-4662, Email: invest@timberwest.com

Organization Profile

TIMBERWEST FOREST CORP.

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