Pursuant to the terms of the Transaction, Tembec shareholders had the right to elect to receive either C$4.75 in cash or 0.2542 shares of Rayonier AM common stock per Tembec Share, subject to proration so that approximately 67% of the aggregate consideration is paid in cash and approximately 33% is paid in Rayonier AM common stock. The results of the elections received prior to the election deadline of 5:00 p.m. (Eastern time) on November 9, 2017 are as follows: •Shareholders representing 1,644,879 Tembec Shares elected to receive the Per Share Cash Amount; •Shareholders representing 67,878,518 Tembec Shares elected to receive the Per Share Stock Consideration; and •Shareholders representing 30,476,603 Tembec Shares did not make an election. Since the aggregate number of Tembec Shares in respect of which registered Tembec shareholders have elected to receive the Per Share Cash Amount is less than the Cash Consideration Number (as defined in the plan of arrangement attached to the amending agreement dated as of July 23, 2017 by and between Rayonier AM and Tembec), holders of Tembec Shares who elected to receive the Per Share Stock Consideration will be subject to proration in the manner described in Tembec's management information circular dated June 13, 2017 (the "Circular"). Click Read More below for additional information.
After forty-two years of service to the company Mat Quaedvlieg has retired from his position as Vice President Manufacturing, R&D and Technology Sappi Europe on December 31st, 2016. He will continue as VP Strategic Business Projects on a part time basis.
Steffen Wurdinger, Mill Director Ehingen, has taken up the position of Vice President Manufacturing, R&D and Technology Sappi Europe from January 1st , 2017 and has become a member of the European Management Team.
Mr Wurdinger holds a Master of Science degree in Paper Technology Engineering from Dresden University as well as a Dr.-Ing specialisation in CTMP. After a brief period as a Scientific Assistant at the Institute of Paper-Technology in Dresden he started at Ehingen Mill in March 1991 as head of Technology, rising to PQM-Manager in 1994. From 2003 to 2005 he was Technical Director at Cloquet Mill, USA and came back to support the Geminus project in Ehingen. He took over as Mill Director Ehingen, in October 2006.
The successor to Mr Wurdinger as Mill Director Ehingen will be announced in due time.
We recognize and thank Mr Quaedvlieg for his great contribution to Sappi Europe over so many years.