Pebercan announces a Special Meeting of Holders in order to Approve a Plan of Arrangement



    TSX: PBC

    MONTREAL, April 17 /CNW Telbec/ - PEBERCAN INC. ("Pebercan" or the
"Company") (TSX : PBC) announces that is has obtained a interim order
authorizing it to hold a special meeting of the Company's holders of common
shares and holders of options to acquire common shares on May 26, 2009, in
order to initiate Pebercan' liquidation. The record date for the special
meeting has been set at April 7, 2009.
    As announced on February 20th, the Company has put an end to its
commercial activities. The arrangement essentially provides for the
liquidation of Pebercan pursuant to which the Company will distribute to its
common shareholders its net cash stemming from the Company's prorata share of
the payment received from Cuban authorities on February 9, through its
subsidiary Peberco.
    Pursuant to the interim order, the arrangement must be approved by no
less than two thirds (2/3) of the votes cast by holders of common shares and
holders of options to acquire common shares present in person or represented
by proxy. Each holder will have the right to cast one vote for each common
share or option to acquire common share held at the record date. Pebercan will
seek the Court's approval of the arrangement following the outcome of the
holders' vote.
    The Company's largest shareholders, Peberinvest B.V., Energie Financement
S.A. and Etablissements Maurel & Prom, which collectively exercise control or
direction over approximately 82% of the outstanding common shares, have
irrevocably agreed to vote in favor of the arrangement.
    Pursuant to the arrangement, Pebercan will initiate a claims process
supervised by a monitor appointed by the Court. Upon completion of the claims
process, Pebercan intends to distribute substantially all of its net cash,
while reserving sufficient funds to meet its obligations. The Company
currently estimates that the minimal amount of net cash to be distributed to
common shareholders will be approximately CDN $1.00 per common share, on a
partially diluted basis.
    An important part of the Company' net cash will be distributed through a
reduction of stated capital. The total amount of "estimated" stated capital
per common share, for tax purposes, is approximately CDN $1.05 per common
share, on a partially diluted basis.
    The Company currently estimates being able to distribute substantially
all of its net cash at the end of September 2009. Additional distributions, as
the case may be, will be made under through an additional reduction in stated
capital, as a dividend or remittance of the outstanding balance upon
dissolution.
    Pebercan does not provide any assurances as to the amounts to be
distributed to common shareholders or the times at which such amounts will be
distributed.
    The formal notice of Special Meeting and accompanying Management Proxy
Circular contain the details of the proposed arrangement and the items set at
the agenda of the Special Meeting. These documents will soon be made available
at the Company's Website and on SEDAR at www.sedar.com.
    Pebercan's interim and annual consolidated financial statements and
management discussion and analysis for the period ended December 31, 2008 are
available on our Web site at www.pebercan.com, as well as on SEDAR at
www.sedar.com.

    Legal Notice - Forward-Looking Statements
    -----------------------------------------

    Forward-looking statements contained in this press release involve known
and unknown risks, uncertainties or other factors that may cause actual
results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. We consider that these forward-looking
statements are reasonable given the hypothesis on which they are based and
which the Board of Directors of the Company has reviewed and ascertained as
being well founded. Pebercan disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Important additional information
identifying risks and uncertainties is contained in the Company's most recent
annual and interim reports and forms filed with the applicable Canadian
securities regulatory authorities.
    %SEDAR: 00004118EF




For further information:

For further information: RENMARK Financial Communications Inc.: Henri
Perron, hperron@renmarkfinancial.com; Dan Symons,
dsymons@renmarkfinancial.com; Montreal, (514) 939-3989, Fax: (514) 939-3717;
Toronto, (416) 644-2020, Fax: (416) 644-2021; www.renmarkfinancial.com;
PEBERCAN Inc.: Christophe Ranger, cranger@pebercan.com, (514) 286-5200; Fax:
(514) 286-5177

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PEBERCAN INC.

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