August 13, 2010

Maple Leaf Foods forms special board committee

Maple Leaf Foods has announced the formation of a special board committee to handle the termination of the agreement between the company's two largest shareholders.

The termination between McCain Capital Corporation (MCC) and the Ontario Teachers' Pension Plan Board (Teachers) was made on June 30, 2010.

The special committee's mandate is to exclusively 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. This is 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.
 

"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. 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", said James Hankinson, chair of the special committee.