OAKVILLE, ON, May 20, 2015 /CNW/ - Vicwest Inc. (the "Company" or "Vicwest") (TSX: VIC, VIC.DB and VIC.DB.A) announced today the completion of the previously announced plan of arrangement (the "Arrangement") involving the acquisition by Kingspan Group Limited ("Kingspan") (through an acquisition company) of all of the issued and outstanding common shares of Vicwest ("Common Shares") and the acquisition by Ag Growth International Inc. (through an acquisition company) of substantially all of the assets of Vicwest's Westeel division.
Pursuant to the terms of the Arrangement, each holder of Common Shares will receive C$12.70 in cash per Common Share held. As a result of the Arrangement, Vicwest is now an indirect wholly-owned subsidiary of Kingspan. The Common Shares are expected to be delisted from the Toronto Stock Exchange in due course.
It is also expected that the Company's 5.25% convertible unsecured subordinated debentures due December 31, 2018 and 6.00% convertible unsecured subordinated debentures due December 31, 2015 will be redeemed by the Company on or about May 28, 2015.
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. We operate through two divisions: Vicwest Building Products and Westeel. With approximately 7,000 customers, 1,200 dedicated employees and 34 business partners, we are 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. The Company has based these forward-looking statements on factors and assumptions about future events. 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 risks 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, firstname.lastname@example.org; Rod Crawford, Chief Financial Officer, Vicwest Inc., Tel: (905) 469-5706, email@example.com