TORONTO, June 16 /PRNewswire-FirstCall/ - In connection with the previously announced privatization transaction (see press release of World Point Terminals Inc. dated April 9, 2010) involving the amalgamation of World Point Terminals Inc. and World Point Inc., World Point Inc., a Nova Scotia corporation with its address at 1 Place Ville Marie, Suite 2500, Montreal, Quebec Canada H3B 1R1, announced today that it had acquired, through a private transaction, 23,731,360 common shares of World Point Terminals Inc. (93% of the outstanding shares of World Point Terminals Inc.) from World Point Holdings, Inc. as a part of the privatization transaction. Pursuant to the terms of the privatization transaction, the holders of common shares of World Point Terminals Inc. will receive consideration of US$19.90 per share through a combination of a special dividend and redemption. World Point Inc. currently exercises control or direction over all 23,731,360 acquired common shares of World Point Terminals Inc.
The acquisition of these securities by World Point Inc. is a step in the privatization transaction involving World Point Terminals Inc. described in the management proxy circular of World Point Terminals Inc. dated May 13, 2010, available under the issuer profile for World Point Terminals Inc. at www.sedar.com. At a meeting of shareholders of World Point Terminals Inc. held on June 10, 2010, the shareholders considered and adopted a special resolution approving the privatization of World Point Terminals Inc.
This acquisition by World Point Inc. is one of a series of transactions in the privatization that will conclude with the amalgamation of World Point Inc. and World Point Terminals Inc.
SOURCE World Point Inc.