WINNIPEG, MANITOBA, CANADA — The Canadian Wheat Board (CWB) announced on Jan. 16 that it has acquired 2,394 (approximately 10.02%) Class C shares (PWT Shares) of Prairie West Terminal Ltd (PWT), a farmer-owned grain handling organization located in west central Saskatchewan.
As a result CWB purchased and legally and beneficially owns and exercises control or direction over 2,394 PWT Shares, or approximately 10.02% of the issued and outstanding PWT Shares; and
CWB, through its wholly-owned subsidiary, Mission Terminal Inc. (which directly owns 500 PWT Shares), and which may be considered to be a joint actor of CWB, beneficially owns and exercises control and direction over an aggregate of 2,894 PWT Shares, or approximately 12.11% of the issued and outstanding PWT Shares.
To the knowledge of CWB, neither CWB nor any joint actor of CWB has beneficial ownership or exclusive or shared control over any other PWT Shares or securities convertible into PWT Shares.
The PWT Shares were acquired by CWB pursuant to a private agreement.
"CWB has always valued and supported farmers," said CWB President and Chief Executive Officer Ian White. "This investment is a great opportunity to participate in an innovative farmer-owned organization that prioritizes farmers' interests."
CWB's investment in PWT is part of an ongoing strategy to position CWB as a strong and viable Canadian-focused grain company that includes farmer ownership. CWB's plan for farmer ownership would allow farmers to have an equity interest in CWB after privatization, allowing farmers to benefit from CWB's business activities.
"Creating value for farmers has always been at the core of CWB," said White, "and we are always looking for new ways to do that. We value farmers as owners and partners. Both our farmer ownership plan and our investment in a farmer-oriented company like Prairie West Terminal are prime examples of that. We believe our success is farmers' success."
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