THIS NOTICE MAY AFFECT YOUR RIGHTS. PLEASE READ CAREFULLY.
TORONTO, Feb. 27 /CNW/ -
WHO SHOULD READ THIS NOTICE
You should read this notice if you acquired common shares (or installment
receipts) in Boliden Limited, as offered by a prospectus dated June 10, 1997
(the "Prospectus"), in one of the provinces of Canada other than New Brunswick
or Alberta, and retained all or part of these shares on April 25, 1998.
Class actions have been certified, and a class action settlement
approved, by orders of the British Columbia Supreme Court and the Ontario
Superior Court of Justice (collectively, the "Courts"). You are included
within the classes certified by the Courts, and will be bound to the terms of
this settlement, if you fit within one of the following class definitions, and
you fail to exclude yourself by "opting out", as described below, by no later
than April 16, 2007.
The amended class certified by the British Columbia court covers persons
resident in that province as of February 24, 2000. The class definition
certified by the Ontario court covers all other persons, except persons in the
British Columbia class. Collectively, these class definitions (the "Class")
cover persons who (a) acquired common shares of Boliden Limited (the "Common
Shares") as a result of a trade in one of the provinces of Canada other than
New Brunswick or Alberta, the jurisdiction of such trade being the
jurisdiction where the registrant (broker) who received the buy order relating
to the acquisition was located, or where a "trade", as defined in the
applicable jurisdiction, occurred; (b) acquired the Common Shares: (i) as
offered by the Prospectus from an underwriter involved in the initial public
offering of the Common Shares (the "IPO"); or (ii) in the case of Common
Shares acquired as a result of a "trade" in Manitoba, acquired the Common
Shares either as offered by the Prospectus from an underwriter involved in the
IPO or on the secondary market; and (c) retained all or part of the Common
Shares on April 25, 1998.
PURPOSE OF THIS NOTICE
Lawsuits have been filed in British Columbia and Ontario against Boliden
Limited, Trelleborg International BV, Trelleborg AB, Anders Bulow, Robert K.
McDermott, Jan Petter Traaholt, Lars Olof Nilsson, Kjell Nilsson, Frederick
Telmer, Alex Balogh, Robert Stone and Nesbitt Burns Inc. These lawsuits are
Kenneth Elliott et al. v. Boliden Limited et al., Vancouver registry no.
C985348, Supreme Court of British Columbia (the "B.C. Action") and Kenneth
Elliott et al. v. Boliden Limited et al., court file no. 98-BN-07157, Ontario
Superior Court of Justice (the "Ontario Action").
In these lawsuits, the plaintiffs allege that the defendants breached
provincial securities statutes concerning the disclosure of information in the
Prospectus related to a tailings dam at Los Frailes, Spain, which collapsed on
April 25, 1998. The defendants deny any liability and deny that any plaintiff
or any class member is entitled to any relief. The Courts have not ruled on
the merits of the plaintiffs' claims or the defendants' defences. You can
learn more about the lawsuits by inspecting the pleadings at
www.kleinlyons.com or by contacting the lawyers for the Class ("Class
Counsel") at the address below.
The plaintiffs have entered into a settlement agreement (the "Settlement
Agreement") with Boliden Limited, Trelleborg International BV and Trelleborg
AB (the "Settling Defendants"), which has been approved by the Courts. A copy
of the Settlement Agreement is available at www.kleinlyons.com.
TERMS OF THE SETTLEMENT
This is a summary only. See the Settlement Agreement for a complete
description of its terms and conditions. Pursuant to the Settlement Agreement,
the Settling Defendants will pay $1 million, plus certain notice costs, in
full and final settlement of all claims associated with the lawsuits. Due to
the administrative expense of distributing the net settlement funds (after
fees, disbursements and expenses) to individual class members, no direct
compensation will be paid to any class members in this settlement. Instead,
the net settlement funds will be paid to charitable and non-profit
organizations appropriate to the allegations in the lawsuits, to be applied to
activities across Canada that are reasonably expected to indirectly benefit
the Class in the future. These proposed organizations are the Rotman School of
Management, University of Toronto, the Sauder School of Business, University
of British Columbia, the Consumers' Association of Canada, and the Small
Investors' Protection Association.
In addition, the Courts have approved payment of legal fees to Class
Counsel of 25% of the settlement proceeds available for distribution to the cy
pres recipients, with disbursements assessed.
You may exclude yourself from the settlement by opting out of the Class.
To do so, you must send written notice of your intention to opt out to Class
Counsel by April 16, 2007. This notice should include your name, address and
details of relevant transactions in the Common Shares, including the dates of
such transactions, and the amount of shares purchased or sold. Failure to opt
out will mean that you are bound by the terms of the Settlement Agreement, and
that you will not be entitled to pursue your own lawsuit with respect to the
matters covered by the Settlement Agreement.
ADDITIONAL INFORMATION AND QUESTIONS FOR CLASS COUNSEL
Do not contact the courts about this notice or the proceedings.
Additional information concerning the lawsuits and the proposed settlement can
be found at www.kleinlyons.com, or by contacting Class Counsel at Klein Lyons,
Barristers & Solicitors, Attn: Doug Lennox, Suite 1100, 1333 West Broadway,
Vancouver BC V6H 4C1, tel 1-800-216-1383, fax 604-874-7180, e-mail,
This notice has been approved by the British Columbia Supreme Court
and the Superior Court of Justice for Ontario.
For further information:
For further information: Kerry Eaton, Vice President, Crawford Class
Action Services, 1-888-842-1331 Ext 247, Kerry.firstname.lastname@example.org