Thornridge Holdings Limited to Acquire Shares of High Liner Foods

BEDFORD, NS, July 27 /CNW/ - Thornridge Holdings Limited ("Thornridge") announced today that it has entered into a memorandum of understanding with two holding companies, which, together with Thornridge, indirectly control Scotia Investments Limited ("SIL"). Under the memorandum of understanding, the three holding companies will effect a reorganization of SIL and its affiliates. Thornridge is owned by Mrs. Jean Hennigar, a daughter of the late R.A. Jodrey, and her extended family.

Subject to obtaining regulatory approvals in respect of the reorganization and the completion of final documentation, under the reorganization Thornridge will acquire certain private companies and the shares of certain public companies, including approximately 4,900,000 common shares at of High Liner Foods Incorporated ("High Liner") at $11.67 per share, representing approximately 37% of the outstanding common shares, and approximately 340,720 non-voting shares of High Liner at $9.08 per share, representing approximately 7% of the outstanding non-voting shares.

Thornridge will acquire the common shares and non-voting shares for purposes of completing the reorganization and for investment purposes. Thornridge may in the future take such actions in respect of the holdings of Thornridge as it may deem appropriate in light of the circumstances then existing.

A copy of the early warning report in respect of the reorganization will be available at


For further information: For further information: or a copy of the report, please contact: David Hennigar, Thornridge Holdings Limited, 51 Forest Lane, Bedford, Nova Scotia, B4A 1H8, Tel: 902-832-2513

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