Viceroy Homes completes plan of arrangement



    TSX: VHL.A

    PORT HOPE, ON, Feb. 28 /CNW/ - Viceroy Homes Limited ("Viceroy")
announced today, following the recent approval at a special meeting of
shareholders and the receipt of a final order from the Ontario Superior Court
of Justice, that the previously announced Plan of Arrangement has been
completed and that all of the outstanding Class A Subordinate Voting Shares
("SVS shares") of Viceroy have now been acquired by Growth Technologies
(Russia) Limited, a wholly-owned subsidiary of Joint Stock Company "Open
Investments", for $5.00 per SVS share.
    Under the terms of the Plan of Arrangement, former holders of the SVS
shares are entitled to receive the consideration of $5.00 per SVS share in the
manner described in the management proxy and information circular dated
January 21, 2008.
    Holders of the Class B Multiple Voting Shares of the Corporation, namely
Gaylord G. Lindal, Christopher H. Lindal and Fred Haas will continue as
shareholders of Viceroy.
    As previously announced, the Arrangement was approved at a special
meeting of shareholders held February 26, 2008. The Arrangement was approved
at the meeting by 99.71% of the votes cast; 96.70% of the votes cast by SVS
shareholders and 96.62% of votes cast by the disinterested SVS shareholders.
    "This is an important milestone for Viceroy," said Gaylord Lindal,
President and Chief Executive Officer of Viceroy, who founded the company more
than 50 years ago. "On behalf of the Board of Directors, I thank our
shareholders for the support they have shown over the years. We look forward
to working together with OPIN, and are confident that OPIN shares the
commitment we have to our customers, and to building a strong future for
Viceroy Homes."
    With the completion of the Plan of Arrangement, Viceroy's SVS shares will
cease to be listed for trading on the Toronto Stock Exchange.

    This news release may contain forward-looking statements regarding
Viceroy Homes' expectations and beliefs with respect to future event. These
forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the actual events or results to differ
materially from those expressed or implied in such forward-looking statements.
The reader is referred to the documents that Viceroy Homes files from time to
time with applicable Canadian securities and regulatory authorities for a
discussion on certain risks and uncertainties that could cause actual results
to differ from those projected, anticipated or implied. Viceroy Homes does not
undertake to update forward-looking statements.





For further information:

For further information: William R. Simpson, Vice-President, Finance and
Secretary-Treasurer, (905) 885-8600 - Ext. 220, www.viceroy.com

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VICEROY HOMES LIMITED

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