OAKVILLE, ON, Feb. 10, 2015 /CNW/ - Vicwest Inc. (the "Company" or "Vicwest") (TSX: VIC, VIC.DB and VIC.DB.A) is pleased to announce that at a meeting held earlier today (the "Meeting"), holders of its 5.25% convertible unsecured subordinated debentures due December 31, 2018 (the "5.25% Debentures") approved the previously-announced amendments (the "Amendments") to the indenture governing the terms of the 5.25% Debentures. The Meeting was called at the request of Kingspan Group Limited ("Kingspan") in connection with the proposed plan of arrangement (the "Arrangement") between the Company, Kingspan, 1924245 Ontario Inc., Ag Growth International Inc. and 8732833 Canada Inc.
The Amendments will permit the Company to redeem the 5.25% Debentures for cash, at a redemption price of 103% of the aggregate principal amount thereof, plus accrued and unpaid interest, at any time on, immediately prior to or within 30 days following, the effective date of the Arrangement.
The redemption of the 5.25% Debentures will only occur if the Arrangement is successfully completed. The Arrangement was approved by the holders of the Company's common shares on January 23, 2015, and by the Ontario Superior Court of Justice on January 30, 2015. If all necessary regulatory approvals are obtained, and the other conditions to the completion of the Arrangement are satisfied or waived, it is expected that closing of the Arrangement will be completed by the end of the first quarter of 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. 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 and the 5.25% Debentures. The Company has based these forward-looking statements on factors and assumptions about future events, including that the Arrangement Agreement will not be amended and all conditions precedent to completing the Arrangement and the Amendments 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]