Sun Ice Limited and the company set up to take it private have jointly announced that the plan to execute the transaction has been withdrawn. The purchasing company was set up as a holding company wholly-owned by Sylvia Rempel, the President, CEO and Chairman of Sun Ice. The plan was to have the holding company purchase all all of the issued and outstanding common shares of Sun Ice not already owned by the CEO.
The previously disclosed transaction agreement was subject to the approval of the Sun Ice Shareholders at a special meeting that was convened on August 11, 2003. Proxies submitted for the Special Meeting indicated that the Plan would not be approved by the requisite number of Sun Ice Shareholders. Consequently, the Independent Committee of the Board of Directors of Sun Ice and the holding company agreed to withdraw the Shareholder resolution approving the Plan.
As a result of such withdrawal, the Plan will not be completed. The Board of Directors of Sun Ice will be meeting soon to explore other alternatives to the Plan.
