Legumex Walker Reports Results of Special Meeting of Shareholders to Approve Sale of Special Crops Division

— Shareholders Overwhelmingly Vote in Favour of Transaction —

WINNIPEG, Nov. 9, 2015 /CNW/ - Legumex Walker Inc. (TSX: LWP) ("LWI" or the "Company") today announces that a two thirds majority of shareholders have voted "FOR" the sale of substantially all of the assets of the Company's Special Crops Division to The Scoular Company ("the Sale Transaction"), the voluntary liquidation and dissolution of the Company according to the Canada Business Corporations Act and other related matters ("the Resolutions"), all as more particularly described in the Management Information Circular ("the Circular") of the Company, dated October 15, 2015.

The total number of shares voted by way of ballot at the Meeting by proxy or in person was 12,394,245 or 76.06% of the total issued and outstanding shares of the Company.


Outcome of Vote

Proxies Received an
Shareholders Present1



Sale of Special Crops Division






Voluntary Liquidation & Dissolution   






Change of Registered Office  






Name Change        






Reduction of Stated Capital  






In addition to approval by shareholders, all necessary regulatory approvals have been obtained and it is expected that the Sale Transaction will be completed by November 30, 2015, provided that all third party approvals and other closing conditions are satisfied or waived by that date.

Further information regarding the Transaction and its anticipated effects on Legumex Walker are contained in the Circular, which is available on www.sedar.com.  Readers are cautioned that there is risk that the amount of working capital or payment in respect thereof pursuant to the Sale Transaction will be less than as at September 30, 2015 or otherwise less than expected, resulting in the transaction value being less than anticipated, and a risk that the amount available for distribution to shareholders will be less than expected as a result of unforeseen liabilities.

About Legumex Walker Inc.

LWI is a growth-oriented processor and merchandiser of pulses and other special crops, and with the completion of the PCC canola seed processing facility in Washington State, canola products. The Company derives its revenue from sourcing, processing, marketing and distributing special crops, canola products and associated healthy, specialty food ingredients to a global customer base. The Company operates processing facilities in the Canadian Prairies, American Midwest, the Pacific Northwest, and China.

Cautionary Note on Forward-looking Statements

This press release contains "forward-looking information" within the meaning of Canadian securities laws which may include, but are not limited to, statements relating to the possible completion of the sale of the Special Crops Division and the proposed plan of liquidation. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risk that the conditions to the completion of the sale of the Special Crops Division, including third party approvals, will not be satisfied within the time frame anticipated or contemplated by the agreement between LWI and The Scoular Company, as well as those factors referred to in the section entitled "Part II – Business of the Meeting – Risk Factors" in the Circular, which is available on SEDAR at www.sedar.com and should be reviewed in conjunction with this document. Although the Company believes the assumptions inherent in forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this press release. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

The percentages listed in the columns below are percentages of the total issued and outstanding shares of the Company, excluding any and all shares held by The Scoular Company.

SOURCE Legumex Walker Inc.

For further information: Lauren Moran, Manager, Investor Relations, investors@legumexwalker.com, (425) 250-1498; Lawrence Chamberlain, NATIONAL Equicom, lchamberlain@nationalequicom.ca, (416) 848-1457

Organization Profile

Legumex Walker Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890