WINNIPEG, MB, April 15, 2015 – Ag Growth International Inc. (TSX: AFN) ("AGI") announced that the holders of its subscription receipts (the "Subscription Receipts") and 5.25% extendible convertible debentures (the "Debentures") have approved amendments to the terms of such securities to extend their expiry and early maturity dates, respectively, from April 30, 2015 (the "Original Deadline") to June 29, 2015. The extensions were approved at meetings of the holders of Subscription Receipts and Debentures held today, with 100% of the holders of Subscription Receipts and 99.63% of the holders of Debentures present in person or represented by proxy at the respective meetings voting in favour of the resolutions approving the extensions.
AGI sought the extensions to accommodate the possibility that the requisite approvals under the Competition Act (Canada) to AGI's acquisition (the "Acquisition") of the Westeel division of Vicwest Inc. ("Vicwest") and the related acquisition by Kingspan Group Limited ("Kingspan") of the outstanding shares of Vicwest pursuant to the arrangement agreement between, among others, AGI, Vicwest and Kingspan, are not obtained by the Original Deadline.
Further information regarding the Acquisition and the amendments to the agreements governing the Subscription Receipts and Debentures is included in the information circulars mailed to holders of Subscription Receipts and Debentures in connection with today's meetings, which are available on AGI's issuer profile on SEDAR at www.sedar.com.
Ag Growth International Inc. is a leading manufacturer of portable and stationary grain handling, storage and conditioning equipment, including augers, belt conveyors, grain storage bins, grain handling accessories, grain aeration equipment and grain drying systems. AGI has eleven manufacturing facilities in Canada, the United States, the United Kingdom and Finland, and distributes its products globally.