Riverside Forest Products Limited announced today that it is redeeming US$52,500,000

Riverside Forest Products Limited (“Riverside”)           announced today that it is redeeming US$52,500,000 aggregate principal           amount of the 7-7/8% senior notes due 2014 (the “Notes”)           pursuant to Section 3.07(a) of the Indenture dated as of February           25, 2004 (the “Indenture”) between Riverside and Wells           Fargo Bank, National Association as Trustee. The redemption date           is February 17, 2005. In accordance with the Indenture, the redemption           price will be 107.875% of the principal amount of the Notes, plus           accrued and unpaid interest to the date of redemption.

The redemption of the Notes is being funded with           the net cash proceeds from the issuance of 1,850,000 common shares           to a subsidiary of Tolko Industries Ltd. (“Tolko”) at           a price of Cdn$40 per share for aggregate proceeds of Cdn$74,000,000,           pursuant to an agreement entered into on February 3, 2005 and approved           by Riverside’s Board of Directors, including all of its independent           directors, on that date.

Riverside also announces that, effective on January           24, 2005, Tolko acquired all the remaining common shares of Riverside           that it did not own pursuant to the compulsory acquisition provisions           of the Business Corporations Act of British Columbia, with           the result that Tolko now holds 100% of the common shares. As a           result of that acquisition, Riverside’s common shares have           been de-listed from the Toronto Stock Exchange and, pursuant to           an order of the securities commissions in Canada, Riverside has           ceased to be a reporting issuer in all Canadian jurisdictions.

Riverside will continue to meet its US reporting           obligations under Section 4.03 of the Indenture with respect to           annual financial information on Form 20-F and all quarterly financial           information on Form 6-K that it would be required to provide under           the laws of British Columbia as if its securities remained listed           on the Toronto Stock Exchange whether or not they are so listed.           Riverside expects to deliver and file its quarterly report for the           first quarter ended December 31, 2004 not later than February 14,           2005

       


Contact
Trevor Jahnig  Riverside Forest Products Limited Chief Financial Officer
250-545-4411  

 
© 2014 Tolko Industries Ltd. All Rights Reserved. Website Use Agreement | Privacy