Canada Newswire Release - Management Changed - George gone
Attention Business/Financial Editors:
REPAP ENTERPRISES INC. - MR. GEORGE PETTY TODAY ANNOUNCED HIS
RESIGNATION AS ITS CHAIRMAN AND CHIEF EXECUTIVE OFFICER
MONTREAL, August 13 /CNW/ - Mr. George Petty, the founder of Repap
Enterprises Inc., today announced his resignation as its Chairman and Chief
Executive Officer. In expressing his best wishes and support to the Company,
its shareholders and new management Mr. Petty said: ``At this point, I feel
that the best interests of the Company will be served by passing the reins to
a new group to allow them the opportunity to turn Repap around - I wish them
well''. ``Along with Mr. Petty eight of the Company's 12 directors have
resigned and 3 new directors have been named.
Mr. Steve Larson, formerly Repap's President and Chief Operating Officer,
will become President and Chief Executive Officer. Mr. William J. Anderson,
one of the three new directors will become Chairman. Mr. Anderson is an
adviser to Silverton International Fund Limited, the Company's single largest
shareholder. The two other new directors are Messrs. Robert Poile and David
McAusland. On its part, Repap's board of directors acknowledged Mr. Petty's
vision and commitment as being the foundation upon which Repap was built. Mr.
Anderson stated that ``While Repap may now be experiencing a difficult period,
there is no denying Mr. Petty's strength and contribution.''
It is to be recalled that there will be a meeting of Repap's shareholders
to be held on September 25, 1997 to vote upon the proposed sale of Repap USA
Inc. This transaction enjoys the support of Silverton International Fund
Limited, River Road International LLC and George Petty, respectively holding
approximately 21.5%, 7.0% and 3.8% of Repap's common shares. In this regard,
Mr. Steve Larson stated:
``The support that this transaction enjoys from the Company's board of
directors, including both the outgoing and incoming members, and its important
shareholders should be seen as clear evidence that the Repap USA transaction
is very much in the best interests of the Company.'' Mr. Larson went on to
say: ``With the support of our new Board of Directors and major shareholders I
am confident that we will be able to develop and implement a strategic plan
that will see Repap's fortunes turned around.''
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For further information: Stephen Larson, President and CEO, (514) 846-6234 or Kathleen V. Cornish, Vice
President, Inverstor Relations, (514) 846-6220 |
