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Exhibit 99(a)(5)(vi)
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PRESS RELEASE
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[PERKINS LETTERHEAD]
[PERKINS LOGO]
PERKINS PAPERS LTD. RESOLVES "POTENTIAL ACCOUNTING IRREGULARITIES" AT WYANT
CORPORATION SUBSIDIARY AND EXTENDS TENDER OFFER
CANDIAC (QUEBEC) OCTOBER 27, 2000 -- Perkins Papers Ltd. (TSE, symbol: PKN)
announced today that it had concluded the study respecting the "potential
accounting irregularities" at the IFC Disposables, Inc. subsidiary of Wyant
Corporation (NASDAQ Small Cap, symbol: WYNT) (the "Company") disclosed by the
Company in its October 2, 2000 press release, and reached agreement resolving
this issue. As a result, Perkins will proceed with the tender offer to acquire
all outstanding shares of common stock of Wyant Corporation at a price of $4.00
per share in cash. As described below, this agreement will require certain
approvals by the U.S. Securities and Exchange Commission ("SEC"). In order to
allow this process to be completed, Perkins Acquisition Corp., a wholly owned
subsidiary of Perkins Papers Ltd., is extending its offer to 12:00 midnight, New
York City time, on Monday, November 13, 2000. The tender offer was previously
scheduled to expire at 12:00 midnight, New York City time, on Thursday, October
26, 2000.
As of the close of business on October 26, 2000, approximately 2,198,250 shares,
including guaranteed deliveries, of Wyant Corporation common stock have been
validly tendered and not withdrawn pursuant to the tender offer, representing
approximately 96.8% of the 2,270,617 shares of common stock issued and
outstanding.
Following the Company's announcement in its October 2, 2000 press release of
"potential accounting irregularities" at its IFC Disposables, Inc. subsidiary,
Perkins extended the expiration of the tender offer and announced in its October
3 press release that
Perkins is currently studying the potential impact of this information on
its tender offer announced on August 30, 2000, and commenced on September
8, 2000, for all outstanding shares of the common stock of Wyant
Corporation. Once this study is completed, Perkins will promptly announce
its effect, if any, on the tender offer.
This study has included discussions with the Company and Mr. James A. Wyant, the
Vice Chairman of the Board and Corporate Secretary of the Company and the
largest holder of the Company's common stock. Mr. Wyant is also the holder of
1,333,333 shares of Class E Exchangeable Preferred Stock (the "Class E Preferred
Stock") of Wood Wyant Inc., a wholly owned subsidiary of the Company, which are
exchangeable, on demand and without additional consideration, for shares of the
Company's common stock on a one-for-one basis. By Stock Purchase Agreement dated
August 30, 2000, and as more particularly described in the Offer to Purchase,
Perkins agreed to purchase
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from Mr. Wyant all of his shares of Class E Preferred Stock at a purchase price
of $4.00 per share in cash.
The study has now been completed, and Perkins has concluded that the "potential
accounting irregularities" should result in a reduction in the overall
acquisition cost to Perkins of more than $1 million. The Company has argued
against this conclusion and in support of maintaining the $4.00 per share price
to be paid to all holders of the Company's common stock.
In order to provide the reduced cost to Perkins, while at the same time
maintaining the $4.00 per share price to be paid to all holders of the Company's
common stock, Perkins and Mr. Wyant have agreed, with the agreement of the
Company and other Wyant family members, to reduce the purchase price paid to Mr.
Wyant for his Class E Preferred Stock under the Stock Purchase Agreement to
$3.51 per share, and to amend Mr. Wyant's employment agreement to reduce by one
half the amounts to be paid to him thereunder as a result of the change in
control resulting from the closing of the tender offer. This would result in an
aggregate Class E Preferred Stock purchase price reduction of $650,000, and an
employment contract payment reduction of approximately $91,000 (C$130,000), for
an aggregate reduced cost to Perkins of approximately $741,000.
This solution is acceptable to Perkins, the Company, and Mr. Wyant and the other
members of the Wyant family, subject only to confirmation that it does not
contravene any applicable law or regulation. The solution is embodied in a
letter agreement currently being circulated for signature by such persons (the
"Letter Agreement").
Legal counsel to Perkins has advised Perkins that the agreement to purchase Mr.
Wyant's Class E Preferred Stock at the reduced price of $3.51 can only be
effected if Perkins is granted an exemption by the SEC to the application of
Rule 14e-5 under the U.S. Securities Exchange Act of 1934, as amended. This
Rule, among other things, prohibits a person making a cash tender offer for an
equity security from, directly or indirectly, purchasing or making any
arrangement to purchase such security or any security which is immediately
convertible into or exchangeable for such security, otherwise than pursuant to
such offer, from the time the offer is publicly announced until its expiration.
Although it is not possible to predict the outcome of the exemption request to
the SEC, Perkins believes the purchases of the Class E Preferred Stock pursuant
to the Stock Purchase Agreement at the reduced price of $3.51 is a situation in
which an exemption would be appropriate pursuant to Rule 14e-5(d) ("Exemptive
Authority").
Perkins will, prior to the expiration of the tender offer, file an amendment to
its Schedule TO and amend its offer to purchase to reflect all of the foregoing,
and in conjunction with such amendment will file as an exhibit to the amended
Schedule TO the Letter Agreement. In addition, upon the receipt by Perkins of
the decision of the SEC, Perkins will promptly announce the decision.
As a consequence of the extension of the expiration date, holders of Wyant
Corporation common stock may tender or withdraw shares until 12:00 midnight, New
York City time, on Monday, November 13, 2000, unless the offer is further
extended.
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The tender offer is being made through, and the foregoing is qualified in its
entirety by reference to, Perkins's Offer to Purchase, dated September 8, 2000,
as amended on September 21 (Amendment No. 1), September 25 (Amendment No. 2),
October 3 (Amendment No. 3), October 6 (Amendment No. 4), October 13 (Amendment
No. 5), October 20 (Amendment No. 6) and October 27, 2000 (Amendment No. 7) and
the related letter of transmittal. Wyant Corporation stockholders should read
such documents completely prior to making any decision respecting the tender
offer.
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Perkins Papers Ltd. is the second largest producer of tissue paper in Canada and
the seventh largest in North America. Perkins operates six mills and converting
plants, five of which are located in Quebec and one in North Carolina, with a
workforce of 950 employees. Perkins's industrial infrastructure includes eight
paper machines with a combined annual capacity of 262,000 short tonnes of tissue
paper. The Corporation also operates 38 converting units. A large share of its
production is converted into finished and semi-finished products such as
bathroom tissue, household towels, facial tissue, napkins and hand towels. To
complete its product lines, Perkins also produces folding cartons and kraft
paper bags. The Company sells its products under its own brand names such as,
Cascades(R), Satin Soft(R), Doucelle(R), Decor(R), North River(R), Perkins(R)
aND HORizon(R) as well as under private labels. Perkins trades on the Toronto
Stock Exchange under the symbol PKN.
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FOR FURTHER INFORMATION:
Ms. Suzanne Blanchet Mr. Andre Belzile
President and Chief Executive Officer Vice-President and CFO
Perkins Papers Ltd. Cascades Group
(450) 444-6400 (514) 282-2600
[email protected] [email protected]
WEB SITE: www.perkins.ca
