Sepp's gets shareholder approval on plan to go private

Published Friday August 1st, 2008

THE CANADIAN PRESS

DELTA, B.C. - Frozen breakfast maker Sepp's Gourmet Foods Ltd. says its shareholders have overwhelmingly approved the company's plan to go private and buy out minority shareholders.

About 98 per cent of shareholders backed the move at a special meeting, the B.C. company (TSX:SGO) said Friday.

Sepp's proposed the going private transaction last year.

"The private company platform will make us far more competitive and will allow us to respond more effectively to changing market conditions," said CEO Jim Pratt. "Ownership of the company will be solidly vested in two shareholder groups that have renewed their commitment of ongoing support and share a common vision of growth for the company in the frozen breakfast foods sector."

Minority shareholders are expected to be paid out before the end of August, the company said.

Sepp's produces and sells frozen breakfast foods for the retail grocery and food service sectors in North and South America, and Asia.

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