Maple Leaf Foods: Special committee of the board proceeds with mandate
Maple Leaf Foods previously announced the formation of a special committee of the board to consider any matter that may arise as a result of the termination on June 30, 2010, of the shareholders’ agreement between the Company’s two largest shareholders, McCain Capital Corporation (MCC) and the Ontario Teachers’ Pension Plan Board (Teachers).
The mandate of the special committee is exclusively to monitor the process carried out by Maple Leaf Foods in connection with any actions that the Company may take, or agreements it may enter into, in connection with the potential sale of all or a portion of the voting and non-voting shares of Maple Leaf Foods held by Teachers and to consider any matter that may arise as a result of the termination of the shareholders agreement between MCC and Teachers.
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“The special committee has had ongoing discussions with both Teachers and McCain Capital and has been actively involved in the events arising as a result of the termination of the shareholders agreement”, said James Hankinson, chair of the special committee. “We will continue to discharge our specific mandate by monitoring the process and considering any proposal or request made to the Company in respect of the remaining shareholdings of the Company currently held by Teachers”.
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Source: Maple Leaf Foods
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