WINNIPEG, April 17, 2014 /CNW/ - Canadian Wheat Board ("CWB") announces that it acquired ownership and control and direction over 505 Class C shares ("PWT Shares") of Prairie Western Terminal Ltd. ("PWT"), representing approximately 2.1% of the issued and outstanding PWT Shares as at the date hereof.
As a result of the purchase
|(i)||CWB legally and beneficially owns and exercises control or direction over an aggregate of 2,899 PWT Shares, or approximately 12.1 % of the issued and outstanding PWT Shares; and|
|(ii)||CWB, together with Mission Terminal Inc. (a wholly-owned subsidiary of CWB which directly owns 500 PWT Shares), and which may be considered to be a joint actor of CWB, beneficially owns and exercises control and direction over, an aggregate of 3,399 PWT Shares, or approximately 14.2% of the issued and outstanding PWT Shares.|
To the knowledge of CWB, neither CWB nor any joint actor of CWB has beneficial ownership or exclusive or shared control over any other PWT Shares or securities convertible into PWT Shares.
The PWT Shares were acquired by CWB pursuant to private agreements.
The purpose of CWB's acquisition of the PWT Shares is for investment purposes. CWB and PWT announced today that the parties have entered into an arrangement agreement dated April 17, 2014 pursuant to which CWB (through a wholly-owned subsidiary) has agreed to acquire all of the issued and outstanding PWT Shares (other than PWT Shares owned by CWB and its affiliates). The completion of the proposed arrangement is subject to a number of conditions, including court approval and the approval of the shareholders of PWT at a duly held meeting expected to be held on or about the end of May, 2014. For further information, see the joint press release of CWB and PWT issued today.
A report respecting the acquisition of PWT Shares by CWB will be electronically filed with applicable Canadian securities regulatory authorities and will be available for viewing at www.sedar.com. A copy of the report (once filed) may be obtained by contacting Ms. Dayna Spiring, Chief Strategy Officer at (204) 984-2937.
For further information:
Ms. Dayna Spiring, Chief Strategy Officer at (204) 984-2937.