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High Liner Foods Secures Rubicon Settlement Agreement
High Liner Foods Secures Rubicon Settlement Agreement Canada NewsWire LUNEN...
About this update from High Liner Foods Incorporated
[{"type":"text","content":"\n \n \n \n High Liner Foods Secures Rubicon Settlement Agreement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n LUNENBURG, NS\n \n \n ,\n \n \n March 5, 2024\n \n \n /CNW/ - High Liner Foods Incorporated (TSX: HLF) (\"High Liner Foods\" or \"the Company\"), a leading North American value-added frozen seafood company, today announced that it has finalized a settlement agreement (the \"Agreement\") in the legal proceedings the Company initiated against Mr.\n \n Brian Wynn\n \n for making false representations and warranties in connection with the sale of Rubicon Resources, LLC (\"Rubicon\").\n \n \n In accordance with the terms of the Agreement, just over 2.4 million shares of the Company issued in connection with the acquisition of Rubicon will be cancelled, resulting in a 7.36% reduction of the total approximate 33 million shares outstanding. Based on a closing share price of\n \n CAD$12.70\n \n on\n \n March 1, 2024\n \n , and an exchange rate of 1.3555 with the U.S. dollar, the cancelled shares are worth approximately USD\n \n $22.49 million\n \n .\n \n \n In addition, as part of the settlement agreement, USD\n \n $5,650,000\n \n will be paid collectively by Mr. Wynn and the other settling Rubicon vendors to reimburse funds received from a previous insurance claim settlement on Representation and Warranties Insurance the Company procured to provide coverage of breaches of representation made by Rubicon and Mr. Wynn when it acquired Rubicon.\n \n \n \n Paul Jewer\n \n , President and CEO of High Liner Foods said, \"Our efforts over the past four years to ensure High Liner Foods and its shareholders received compensation in this matter have paid off. We are pleased to put the matter behind us and that our shareholders will immediately and directly benefit from the negotiated terms.\"\n \n \n \n Forward Looking Statements\n \n \n \n This news release contains forward-looking statements that are based on a variety of factors and assumptions. Specific forward-looking statements in this document include but are not limited to...