SunOpta Amends Series B-1 Preferred Share Terms to Eliminate Dividend
18 Abril 2024 - 9:00AM
Business Wire
SunOpta Inc. (“SunOpta” or the “Company”) (Nasdaq:STKL)
(TSX:SOY), a U.S.-based global pioneer fueling the future of
sustainable, plant-based foods and beverages, today announced the
elimination of the dividend rights attaching to the shares of
Series B-1 Preferred Stock (the “Series B-1 Preferred Shares”) of
its subsidiary, SunOpta Foods Inc. (the “Subsidiary”), effective
from and after December 31, 2023.
Funds managed by Oaktree Capital Management, L.P. (“Oaktree”)
acquired 15,000 Series B-1 Preferred Shares for US$15 million in
2020 in a financing of the Company’s plant-based foods and
beverages business, principally to add capacity via capital
projects and to provide incremental liquidity.
The Series B-1 Preferred Shares previously paid a cumulative
dividend of 8% per year that could be paid-in-kind or cash at the
Company’s option, which dividend would have increased from 8% to
10% per year and become payable only in cash at the end of the
Company’s third quarter in 2029. As a result of amendments to the
terms of the Series B-1 Preferred Shares made with the consent of
Oaktree, the holders of such shares have ceased to be entitled to
receive dividends on such shares from and after December 31, 2023.
All other rights and obligations of Oaktree under the amended and
restated investor rights agreement, the exchange and support
agreement and the voting trust agreement entered into on April 24,
2020 in connection with the issuance of the Series B-1 Preferred
Shares remain unchanged.
Additional information regarding the amendments will be included
in a Current Report on Form 8-K to be filed by the Company with the
Securities and Exchange Commission and a material change report to
be filed by the Company on www.sedarplus.com.
About SunOpta Inc.
SunOpta (Nasdaq:STKL) (TSX:SOY) is a U.S.-based, global pioneer
fueling the future of sustainable, plant-based foods and beverages.
Founded nearly 50 years ago, SunOpta manufactures natural, organic
and specialty products sold through retail and foodservice
channels. SunOpta operates as a manufacturer for leading natural
and private label brands, and also proudly produces its own brands,
including Sown®, Dream®, and West LifeTM. For more information,
visit www.sunopta.com and LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20240418012972/en/
Investor Relations: Reed Anderson ICR 646-277-1260
reed.anderson@icrinc.com
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