Saskatchewan Wheat Pool Completes $225M Offerings

Saskatchewan Wheat Pool Inc. completed a combined offering of $225 million worth of subscription receipts on February 15, 2007.

The subscription receipt offerings, comprised of a public offering on a “bought deal” basis and a brokered private placement, provided the funding necessary for the cash component of the Pool's revised offer to purchase all of the outstanding limited common voting shares of United Grain Growers, carrying on business as Agricore United, pursuant to the Pool's takeover bid circular dated November 24, 2006, as amended by its notice of variation and extension dated January 31, 2007.

12,350,000 subscription receipts of the Pool were sold pursuant to the public offering for gross proceeds to the Pool of approximately $100 million. An additional 15,753,086 subscription receipts were sold pursuant to the private placement to various funds and accounts, over which Third Avenue Management LLC has exclusive investment authority for aggregate gross proceeds to the Pool of approximately $125 million.

Torys LLP acted for the Pool, working with general counsel Ray Dean. Torys' team was led by James Scarlett and included Patrice Walch-Watson, Adam Armstrong, Adam Levy and Victoria Blond (Canadian securities); Andrew Beck (US securities); Corrado Cardarelli and Grace Pereira (Canadian tax); Peter Keenan (US tax); Jay Romagnoli and Craig Pell (HSR Act); and Jay Holsten (competition).

Fasken Martineau DuMoulin LLP acted for Genuity Capital Markets and TD Securities Inc. as underwriters in respect of the public offering and agents in respect of the private placement, with a team led by Jonathan Levin and including Richard Steinberg, Daniel Batista and Michael Gleeson (securities) and Mitchell Thaw (tax).

Heenan Blaikie LLP acted for TAM, with a team led by Kevin Rooney and including James McVicar and Brett Seifred (securities) and Mark Jadd (tax).