VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 30, 2014) - Ainsworth Lumber Co. Ltd. ("Ainsworth") (TSX:ANS) today announced that it has filed on SEDAR (www.sedar.com) and mailed or otherwise sent to shareholders and optionholders a joint management information circular in relation to the proposed combination with Norbord Inc. ("Norbord") (TSX:NBD), which was previously announced on December 8, 2014. The combination of Ainsworth and Norbord will be effected by way of a plan of arrangement pursuant to which Norbord will acquire all of the outstanding common shares of Ainsworth. A copy of the circular is also available at www.ainsworthengineered.com.
Following receipt of the unanimous recommendation of the Independent Committee of the Ainsworth Board of Directors, the Ainsworth Board (excluding interested directors) has unanimously approved the combination and recommends that shareholders and optionholders vote in favour of the transaction. The circular details, among other things, the reasons for the Ainsworth Board's recommendation that securityholders vote in favour of the combination.
A special meeting of Ainsworth shareholders and optionholders will be held at the offices of Blake, Cassels & Graydon LLP, Suite 2600, Three Bentall Centre, 595 Burrard Street, Vancouver, British Columbia, on January 27, 2015 at 2:00 p.m. (Vancouver time). Shareholders and optionholders are requested to complete and return their form of proxy to ensure that their shares or options (as applicable) will be voted at the meeting.
The transaction also requires the approval of the shareholders of Norbord and court approval. If the requisite approval of the Ainsworth and Norbord securityholders and the court is obtained and all other conditions to the transaction have been satisfied or waived, it is anticipated that the transaction will be completed in the first quarter of 2015.
If shareholders or optionholders have any questions or require assistance, they are asked to please contact Georgeson Shareholder Communications Canada Inc., Ainsworth's proxy solicitation agent, by telephone at 1-888-605-8413 (toll-free in North America) or by e-mail at [email protected], or their professional advisor.
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