Teachers’ confirms Maple Leaf Foods’ disclosure, notes formal shareholder agreement with McCain Capital Corp. no longer needed
TORONTO - The Ontario Teachers' Pension Plan (Teachers') has confirmed Maple Leaf Foods Inc.'s (MFI) disclosure of earlier today that Teachers' has delivered notice to McCain Capital Corporation (MCC) to terminate, effective June 30, 2010, the shareholders' agreement between Teachers' and MCC.
MFI had previously disclosed in its public filings that MCC and Teachers' had been parties to a shareholders' agreement.
Teachers' has determined that it no longer needs the formal legal agreement. In the 14 years since the purchase of the combined stake in MFI, MCC and Teachers' have had open and ongoing communications regarding MFI. Teachers' fully expects that such dialogue, which it believes is in the best interests of all MFI shareholders, will continue.
In December 2008, Teachers' increased its investment in MFI through the purchase of 5.5 million MFI subscription receipts. In February 2009, two Teachers' executives joined the board of directors of MFI. As a major MFI shareholder, Teachers' priority is to maximize shareholder value on behalf of the teachers of Ontario. As a matter of policy, Teachers' does not discuss its plans to buy, sell or hold its investments in companies and/or securities.
The Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 284,000 active and retired teachers in Ontario.
Caution concerning forward-looking statements
This news release contains forward-looking statements. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on these forward-looking statements.
Director, Communications and Media Relations
Ontario Teachers' Pension Plan