Thursday October 25, 5:20 pm ET
TSX: VHL.APORT HOPE, ON, Oct. 25 /CNW/ - Viceroy Homes Limited (the "Company") confirmed today that its Board of Directors has appointed a Special Committee of independent, non-management directors to consider the previously announced proposal by Joint Stock Company Open Investments ("OPIN") to acquire all of the Company's Class A Subordinate Voting Shares at a price of $4.25 (CDN) per share in cash pursuant to a statutory plan of arrangement that would be subject to Court and shareholder approvals, including approval by a special resolution passed by the holders of Class A Subordinate Voting Shares.
The members of the Special Committee are Bruce Buckley (Chairman), John Panneton and Christopher Ridabock. The Special Committee has retained Blair Franklin Capital Partners Inc. to prepare a formal valuation of the Company's Class A Subordinate Voting Shares and to provide independent financial advice to the Special Committee in connection with the OPIN proposal. The Special Committee has engaged Bennett Jones LLP as its independent legal adviser. The Special Committee will present its recommendations concerning the OPIN proposal to the Company's Board of Directors in due course.
Founded 52 years ago, Viceroy Homes is a leader in pre-engineered housing that offers high quality building designs and materials combined with lower cost and reduced on-site construction time. Viceroy is the largest supplier of Canadian housing technology to a growing export market providing superior housing solutions for builders and developers around the world. The Company has vertically integrated manufacturing facilities located in Ontario and British Columbia. Viceroy's Class A Subordinate Voting Shares trade on the Toronto Stock Exchange under the symbol VHL.A.
For further information
William R. Simpson, Vice-President, Finance, Secretary-Treasurer and CFO, (905) 885-8600 Ext. 220, www.viceroy.com