OAKVILLE, ON, April 21, 2015 /CNW/ - Vicwest Inc. (the "Company" or "Vicwest") (TSX: VIC, VIC.DB and VIC.DB.A) announced today that the Company, Kingspan Group Limited ("Kingspan") and Ag Growth International Inc. ("AGI") have agreed to extend the outside date for completion of the previously announced plan of arrangement (the "Arrangement") involving the acquisition by Kingspan (through an acquisition company) of all of the issued and outstanding common shares of Vicwest ("Common Shares") and the acquisition by AGI (through an acquisition company) of substantially all of the assets of Vicwest's Westeel division, from April 30, 2015 to May 20, 2015.
The parties to the Arrangement have agreed to extend the outside date as a result of continued discussions with the Canadian Competition Bureau (the "Bureau") in connection with the Bureau's review of the proposed Arrangement, and the fact that those discussions will not be complete in time for an April 30th close.
Vicwest continues to be confident that the approval of the Bureau (which it considers to be the only outstanding substantive condition to completing the Arrangement) can be obtained, and that the Arrangement can be completed, on or before May 20, 2015.
Further information regarding the Arrangement is set out in the Company's management information circular dated December 22, 2014, which is available under the Company's profile on SEDAR at www.sedar.com.
About Vicwest Inc
Vicwest Inc. is a leading manufacturer and distributor of engineered storage and handling systems for grain, fertilizer and liquid storage as well as building construction products for agriculture, commercial, industrial and residential markets. The Company operates through two divisions: Vicwest Building Products and Westeel. With approximately 7,000 customers, 1,200 dedicated employees and 34 business partners, it is positioned for growth in domestic and international markets. Vicwest Inc. is a member of the S&P/TSX SmallCap Index. For more information, visit www.vicwestinc.com.
Certain statements in this news release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including with respect to the Company's current expectations and plans relating to the Arrangement. The Company has based these forward-looking statements on factors and assumptions about future events, including that all conditions precedent to completing the Arrangement will be met. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. These risks and uncertainties include, among other things, the possibility that any of the conditions to closing of the Arrangement, including regulatory approvals, may not be satisfied or (where applicable) waived and such other risks as identified in the Company's materials filed under the Company's profile at www.sedar.com from time to time. Readers are encouraged to review the most recently filed Management's Discussion and Analysis and other disclosure documents filed by the Company with Canadian securities regulatory agencies and commissions. Readers are cautioned not to place undue reliance on the Company's forward-looking statements. The forward-looking statements contained herein are made as of the date of this press release and except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Vicwest Inc.
For further information: Colin Osborne, President & Chief Executive Officer, Vicwest Inc., Tel: (905) 469-5700, [email protected]; Rod Crawford, Chief Financial Officer, Vicwest Inc., Tel: (905) 469-5706, [email protected]