MONTREAL, June 21, 2012 /CNW Telbec/ - Fibrek Inc. (TSX: FBK) today announced that, at the annual meeting held earlier today, shareholders elected all six director nominees, ratified the appointment of Samson Belair/Deloitte & Touche LLP as auditors for the ensuing year and ratified an amendment and restatement of the Company's bylaws. The six elected directors are: Michel Desbiens, Daniel Filion, Michel A. Gagnon, Richard Garneau, Jo-Ann Longworth and Jacques P. Vachon. Each of Messrs. Desbiens, Filion and Gagnon is independent. Ms. Longworth and Messrs. Garneau and Vachon are executives of both the Company and Resolute Forest Products Inc., the Company's largest shareholder.
The Company also announced today that the Superior Court of Quebec granted an interim order to convene a special meeting of Fibrek's shareholders to vote on the proposed arrangement under which Fibrek would amalgamate with RFP Acquisition Inc., a wholly-owned subsidiary of Resolute Forest Products Inc. (NYSE: RFP) (TSX:RFP), and form a new corporation, wholly-owned by Resolute. The arrangement constitutes the second step transaction for Resolute to acquire the Fibrek shares not acquired in its recently-expired bid, launched together with RFP Acquisition. The special meeting will be held on July 23, with a June 20 record date. A copy of the interim order is available on the Company's website.
Full details of the transaction will be included in a management information circular, which is expected to be filed by Fibrek with the Canadian securities regulatory authorities and mailed to Fibrek shareholders in the week of June 25. The circular will also contain full details on the terms of the proposed arrangement, the factors considered by Fibrek's independent directors and a summary and complete copy of Sanabe & Associates' fairness opinion.
Fibrek (TSX: FBK) is a leading producer and marketer of high-quality virgin and recycled kraft pulp. The company operates three mills located in Saint-Félicien, Québec, Fairmont, West Virginia, and in Menominee, Michigan with a combined annual production capacity of 760,000 tonnes. Fibrek has approximately 500 employees. The Saint-Félicien mill provides northern bleached softwood kraft pulp (product known as NBSK pulp) to various sectors of the paper industry mainly in Canada, the United States and Europe, for use in the production of specialized products. The Fairmont and Menominee mills manufacture air-dried recycled bleached kraft pulp (product known as RBK pulp) and primarily supply manufacturers of fine uncoated paper, tissue paper for commercial and industrial uses, and coated paper in the United States.
This press release contains "forward-looking statements" within the meaning of applicable securities laws. These statements can be identified by expressions of belief, expectation or intention, as well as those statements that are not historical facts and include statements concerning Fibrek's future outlook, business strategy, plans, expectations, results or actions, or the assumptions underlying any of the foregoing. Forward-looking statements can generally be identified by words such as "may", "should", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "outlook" and similar expressions. These statements are based on information currently available to Fibrek's management and on the current assumptions, intentions, plans, expectations and estimates of Management regarding Fibrek's future growth, results of operations, performance, business prospects and opportunities and ability to attract and retain customers as well as the economic environment in which it operates. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results of Fibrek to differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: general economic conditions, pulp prices and sales volume, exchange rate fluctuations, cost and supply of wood fibre, wastepaper and other raw materials, pension contributions, competitive markets, dependence upon key customers, increased production capacity, equipment failure, disruptions of production, capital requirements and other factors referenced in Fibrek's continuous disclosure filings which are available on SEDAR at www.sedar.com. Readers should not place undue reliance on these forward-looking statements. These forward-looking statements are made as of the date of this press release and, except as required by applicable securities laws, Fibrek assumes no obligation to update or revise them to reflect new events or circumstances.
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