Legumex Walker Finalizes Special Crop Sale

TORONTO - Nov 23/15 - SNS -- Legumex Walker Inc. completed the sale of its Special Crops Division to The Scoular Company for gross proceeds of CDN $94 million, less closing and post-closing adjustments, plus $71.5 million, which represents a preliminary estimate for the amount of net working capital at closing, paid in cash.

Chuck Elsea, Scoular's Chief Executive Officer said in a prepared statement, "We've been looking to enter the special crops market for some time, and we're thrilled to finalize the purchase of a business that brings a wealth of special crops experience and expertise to our growing company. We will invest additional resources to expand the business and pursue opportunities that result in more value for growers and a high-quality, reliable supply of specialty products for customers around the globe."

With the sale, Legumex Walker expects to file articles of amendment changing its name to "LWP Capital Inc." on November 24. The plan of liquidation approved by the shareholders on November 9 will become effective by December 31 or early in January 2016. Although an interim distribution to shareholders is expected to be made during the second quarter of 2016, its final distribution is not expected prior to the completion of the liquidation period in 2017.

Legumex Walker initially estimated that the net amount available for distribution to shareholders would range between $1.69 to $1.98 per share (after deducting estimated taxes, all corporate and Special Crops Division related debt and all wind-up and transaction related expenses as set out under the heading "Use of Proceeds from the Sale Transaction" in the Company's Management Information Circular dated October 12, 2015, as amended). The Company will be able to update its estimate of the net amount available for distribution to shareholders once the final purchase price has been determined based on final working capital.

The Company expects the Common Shares to be delisted from the TSX on the date specified by the TSX following an expedited delisting review. The Company expects the effective date of the delisting of Common Shares will be by December 31, 2015 (approximately 30 days following the completion of the expedited delisting review).