Mayo Named Agricore President

WINNIPEG - Jun 13/07 - SNS -- The Saskatchewan Wheat Pool (SWP) takeover of Agricore United is pushing ahead, with Agricore shareholders formally passing several important resolutions at a special meeting and naming SWP president Mayo Schmidt its new president and chief executive officer effective today.

In addition, Agricore announced the new composition of its Board of Directors. The following nominees have been appointed to Agricore's Board of Directors: Ryan Anderson, Terry Baker, Thomas Birks, Vic Bruce, Thomas Chambers, Dallas Howe, Rick Jensen, Douglas Kitchen, Harold Milavsky, Herb Pinder and Mayo Schmidt. Terry Baker was appointed Chairman of the Agricore Board.

At their special meeting, shareholders, representing 87% of the outstanding limited voting common shares approved the continuance of Agricore under the Canada Business Corporations Act (CBCA) and the plan of arrangement pursuant to which the Pool will acquire all of the outstanding limited voting common shares of Agricore and Agricore will redeem all of the outstanding Series A convertible preferred shares not tendered to the Pool's offers, which expired on June 12, 2007.

Shortly following this approval, the continuance of Agricore under the CBCA became effective. The continuance results in Agricore becoming subject to all of the provisions of the CBCA, including those provisions providing for the election of all of the directors of Agricore by holders of limited voting common shares.

In addition, at a separate special meeting held today, the plan of arrangement was approved by 99.99% of the votes cast by holders of limited voting common shares. The plan of arrangement will effect a series of transactions as a result of which each limited voting common share not taken up and paid for under the Pool's offers will be acquired by the Pool for $20.50 in cash, and each Series A convertible preferred share not acquired under the Pool's offers will be redeemed by Agricore for $24.00 in cash plus accrued and unpaid dividends.

A hearing in respect of the final approval of the arrangement by the Manitoba Court of Queen's Bench is scheduled for June 15, 2007 in Winnipeg, Manitoba. Subject to such court approval, the arrangement is expected to be completed on the same day. Upon completion of the arrangement, Agricore will become a wholly-owned subsidiary of the Pool. It is expected that Agricore shares will be de-listed from the TSX shortly thereafter.