TORONTO – The specialty grain company formerly known as Legumex Walker Inc. is going ahead with a previously announced voluntary liquidation.
LWP Capital Inc. (TSX:LWP) says a plan outlined in an Oct. 12 filing with regulators goes into effect Dec. 31, when its shares will be delisted from the Toronto Stock Exchange. Its board of directors has also resigned.
Winnipeg-based Legumex announced in September that it would sell its main assets — a specialty crops division that handles sunflower seeds, flax, canary seed, lentils, chickpeas and other pulses — for $174.6 million to the Scoular Co.
Scoular is a 123-year-old grain company headquartered in Omaha, Neb., with about $6 billion in annual sales. It has 130 independent business units and more than 850 employees involving in grain trading, handling and storage.
Legumex Walker said at the time it planned to wind up operations through voluntary liquidation and distribute between $2.50 to $2.75 per share to shareholders after repayment of banking debt and other obligations.
LWP Capital said Wednesday that KSV Advisory Inc. has been appointed liquidator and its website will contain court materials related to the windup.