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Gold/Mining/Energy : Repap (RPAPF)
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To: wayne who wrote ()6/17/1999 10:27:00 PM
From: leigh aulper  Read Replies (1) of 485
 
Repap Enterprises, Inc. Media Statement

NEW BRUNSWICK, June 17 /CNW-PRN/ - Repap Enterprises, Inc. today stated that its Board of Directors supports the Company's Chairman, F. Steven Berg, and views his compensation agreement with the Company as both fair and in the best interests of the company and all its shareholders.

At the time that Mr. Berg was asked to become Chairman of Repap last November, the Company was at the brink of financial insolvency. Under his leadership, Repap has achieved a successful recapitalization; is no longer in a cash flow bind; and has commenced controls and procedures designed to assure both more efficient utilization of the company's resources and substantially greater accountability and responsibility throughout all levels of the organization.

Recent comments and publicity attacking Mr. Berg's agreement, in reality is an attempt by certain parties to deflect scrutiny away from executive and financial issues in which these parties had been engaged and which the Board is in the process of addressing. As for Mr. Berg's compensation, the Board has structured an agreement with him which has been carefully evaluated and found to be appropriate by a leading executive compensation firm. This agreement specifically is designed to create enhanced shareholder value by tying Mr. Berg's compensation to improvement in the market capitalization of the Company's publicly traded shares. The Board views this agreement as in the best interests of the Company's shareholders.''

Repap Enterprises, Inc. is a North American coated ground wood paper company. SOURCE Repap Enterprises Inc.
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