#Canada #Canada Packers #TSX MFI #Maple Leaf #Mississauga, ON

Maple Leaf Foods Inc. Shareholder Meeting Highlights

On June 11, 2025, Maple Leaf Foods Inc. hosted its annual and special meeting where a pivotal decision was made regarding the future of the company. At this meeting, shareholders overwhelmingly voted in favor of a strategic spin-off of the company’s pork operations, which will become a separate entity known as Canada Packers Inc.

Transformational Decision

The vote showcased strong support from the shareholders, with 99.94% approval for the transaction. This demonstrates the confidence investors have in the company’s new direction. Curtis Frank, President and CEO of Maple Leaf Foods, stated, “The overwhelming endorsement of our shareholders for the spin-off of our pork operations marks an important milestone in one of the most transformational transactions in the Company's history.” He believes that this division will allow each company to focus on its unique business model and growth potential.

In the newly formed Canada Packers, Dennis Organ will take the helm as the company's President and CEO. He expressed his excitement about the new journey that lies ahead, emphasizing the firm’s commitment to producing sustainably sourced, premium-quality pork products on a global scale.

A Bold Vision

Michael McCain, Executive Chair of Maple Leaf Foods, echoed the sentiments of optimism, detailing how this move creates significant opportunities for shareholders. “Shareholders will now be able to invest in two strong, independent companies, each with its own mandate and clear investment profiles,” he explained. The McCain family, primarily involved in the company, displayed unwavering support for both Maple Leaf Foods and the newly formed Canada Packers during this transformative phase.

Key Voting Results

In addition to the spin-off approval, the meeting resulted in the successful re-election of all incumbent directors to the Maple Leaf Foods Board for the upcoming year. The re-elected directors included:

• - W.E. Aziz: 98.16% voted in favor.
• - R.G. Close: 96.09% voted in favor.
• - C.E. Frank: 98.98% voted in favor.
• - Other directors similarly received overwhelming support, reflecting shareholder confidence in the current leadership.

Shareholders also approved resolutions related to the reappointment of KPMG LLP as the auditors for the Corporation with 96.42% approval and the Canada Packers Option Plan with 98.47% approval.

Next Steps

The prospective spin-off of Canada Packers is projected to finalize in the latter part of 2025, pending necessary regulatory approvals and other customary closing conditions. Maple Leaf Foods is focused on a strategic approach to ensure that both companies can thrive independently, offering their products with unique market strategies and operational tactics.

With this spin-off, Maple Leaf Foods aims to position itself as a leader in the consumer packaged goods space, concentrating on protein-based products. As highlighted by Frank, this division will facilitate clearer branding and operational excellence for both Maple Leaf Foods and Canada Packers.

Conclusion

Shareholders of Maple Leaf Foods have not only voted for a restructuring but have taken an essential step toward realizing a more focused and robust company landscape in the protein industry. The spin-off of Canada Packers marks an exciting chapter that holds the promise of growth and innovation in the meat industry while emphasizing sustainability and value, tailored to meet the needs of diverse global consumers. The upcoming months will be crucial as both companies carve out their respective paths in the market, and stakeholders will undoubtedly watch with keen interest.

For more details, shareholders and the public can refer to the report available on SEDAR+ at www.sedarplus.ca.