Toronto CANADA, May 1, 2006 – Tricap Management Limited (“Tricap”) today announced that it has acquired 53.6 million additional common shares of Western Forest Products (“Western”) (TSX: WEF) on the exchange of a portion of the subscription receipts acquired by Tricap in a previously announced transaction (April 7, 2006). Following the exchange, Tricap holds an aggregate of 58.7 million common shares of Western, representing approximately 49% of the outstanding Western common shares.
The exchange follows the completion of Western's acquisition of Cascadia Forest Products from Brookfield Asset Management Inc. (NYSE/TSX: BAM) for a total purchase price of approximately C$207 million, which was a condition precedent for the exchange.
The common shares acquired by Tricap include an aggregate of 42.7 million shares of Western that are beneficially owned by Brookfield Asset Management and its affiliates and associates on a consolidated basis
(“Brookfield”). Following this transaction, Brookfield beneficially owns 45.2 million common shares representing approximately 38% of the outstanding common shares of Western.
Tricap continues to hold 84.6 million subscription receipts, which are anticipated to be exchanged for an equal number of non-voting common shares, following the vote by Western shareholders to approve the creation of a new class of non voting shares.
Tricap holds the common shares for investment purposes. Tricap will continue to review its investment alternatives and may acquire additional common shares of Western or may, subject to applicable securities laws, sell the shares it now holds in the open market or in privately negotiated transactions to one or more persons.
Tricap Management Ltd. was established by Brookfield Asset Management to provide a source of patient, long-term capital and strategic assistance to companies experiencing financial or operational difficulty and has invested and provided financing commitments totalling C$1.2 billion since its formation in 2001. With strong industry and financial management expertise, Tricap Management is well positioned to assist these companies in reaching their full potential.
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Contact:
Katherine C. Vyse
SVP, Investor Relations and Communications
Tel: (416) 369-8246
Email: kvyse@brookfield.com
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Note: This press release contains forward looking information, including “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “may”, “will”, “anticipated” and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause Tricap's investment in Western's equity to differ materially from the description of the investment expressed or implied by such forward-looking statements. Factors that could cause actual holdings to differ materially from those set forward in the forward looking statements include lack of approval by Western's shareholders for a new class of non-voting shares Tricap undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
