TORONTO, June 2 /CNW/ - Becancour, LP ("Becancour") today announced the final results of its take-over bid for 4,000,000 common shares in Timminco Limited ("Timminco"), which expired at 5:00 p.m., Toronto time, on June 2, 2003.
 
    Based on a final count by Computershare Trust Company of Canada, the depositary for the bid, a total of 23,852,146 common shares were properly tendered to the bid and not withdrawn, including common shares tendered by Timmins Investment Limited ("TIL"), which tendered all 11,233,311 of its common shares in Timminco. Subject to the terms of the Deposit Agreement entered into with Becancour, TIL was required to deposit to the bid a minimum of 4,000,000 common shares in Timminco. Accordingly, as all of the terms and conditions of the bid have been satisfied, and as disclosed in the take-over bid circular, Becancour will take up and pay for 4,000,000 common shares proportionately, disregarding fractions, according to the number of common shares validly deposited and not withdrawn by each depositing shareholder. The take-over bid by Becancour was made in conjunction with the previously announced private placement by Timminco on April 2, 2003 in which Becancour subscribed for 6,000,000 common shares of Timminco at $1.10 per share. As disclosed in the take-over bid circular, the bid was designed to provide shareholders of Timminco with liquidity for a portion of their common shares at the same price per common share as Becancour paid for treasury common shares pursuant to the private placement.
 
    Payment for common shares validly tendered and accepted for purchase, and the return of all other common shares tendered but not accepted for payment, will be made promptly by Computershare Trust Company of Canada, the depositary for the take-over bid. Following the purchase of the common shares tendered in the bid, Becancour will own 10,000,000 common shares in Timminco and will own or exercise control or direction over a total of 19,349,487 common shares or approximately 63.2% of the total outstanding common shares of Timminco.
 
    Questions concerning the take up of, and payment for, common shares deposited to the bid may be directed to Computershare Trust Company of Canada at 1-800-564-6253.
  
 Becancour is an affiliate of Safeguard International Fund, L.P., which is a cross-Atlantic private equity fund primarily engaged in leveraged acquisitions as well as a wide-range of other private equity investments, including growth equity financings, recapitalizations, and acquisition- oriented financing transactions. Based in suburban Philadelphia, Pennsylvania with European operations centered in Frankfurt, Germany, Safeguard manages US $370 million of equity capital. Safeguard specializes in investing in technology-oriented industrial businesses in Europe and North America. Becancour's registered office is located at 9 East Loockerman Street, City of
Dover, County of Kent, Delaware, U.S.A. 19901.
 
    Timminco is the world leader in manufacturing and supplying engineered magnesium extrusions and an international leader in the production and marketing of specialty magnesium, calcium and strontium metals and alloys.
 
For further information: At Timminco: Keith D'Souza, (416) 364-5171; At Safeguard: Dr. Heinz Schimmelbusch, (610) 975-4996