High Liner Foods provides update on retraction right for its non-voting equity shares

April 29, 2010 11:23

High Liner Foods Incorporated (TSX: HLF; HLF.A), a leading North American value-added frozen seafood company, announced that 2,680,830 of its non-voting equity shares had been retracted under a temporary retraction right, including 2,550,000 retracted by FP Resources Limited in accordance with the terms of a previously disclosed Support and Lock-Up Agreement. Retractions to date represent approximately 53% of the 5,061,850 non-voting equity shares previously outstanding, reports www.megafishnet.com with reference to High Liner Foods.

Approved at the Company's annual general and special meeting of shareholders on April 6, 2010, the retraction right provides holders of the Company's non-voting equity shares with a right of retraction until April 30, 2010 for a retraction price of $8 per non-voting equity share at the option of the holder. The retraction right was created, in part, to provide additional liquidity for the holders of the non-voting equity shares. As previously arranged, the Company funded the retractions from its working capital loan facilities.

About High Liner Foods Incorporated

High Liner Foods Incorporated is a leading North American processor and marketer of prepared, value-added frozen seafood. High Liner's branded products are sold throughout the United States, Canada and Mexico under the High Liner(R), Fisher Boy(R), Mirabel(R) and Sea Cuisine(TM) labels, and are available in most grocery and club stores. The Company also sells its High Liner(R), FPI(R) and Mirabel(R) food service products to restaurants and institutions, and is a major supplier of private label seafood products to North American food retailers and food service distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbols HLF and HLF.A on the Toronto Stock Exchange.

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