As of November 1, 2001 Agricore and UGG have completed their merger to form Western Canada's leading farmer directed agribusiness. The last of the Wheat Pools is now gone.
The Commissioner of Competition has allowed the merger to proceed if Agricore United agrees to divest itself of seven primary grain handling elevators in Western Canada and a port terminal elevator in Vancouver.
Under terms of the merger agreement, members and shareholders of Agricore have exchanged their equity for approximately 20.5 million shares of UGG operating as Agricore United. As a result of the exchange, Agricore United has approximately 37.3 million shares outstanding. Agricore shareholders and equity holder members will be mailed their new share certificates later this month, and Agricore United will establish a sales program to enable the former Agricore shareholders and members to sell their share in Agricore United in an orderly manner.
The CEO is Brian Hayward. Ted Allan of Calgary has been elected chairman and president of the new company. He's been a director of UGG since 1973 and served as its chairman and president since 1990. Mel McNaughton of Rumsey, Alberta, has been elected as first vice president. He has been an Agricore director since 1999 and an Alberta Wheat Pool director since 1995. He operates a mixed farm. Also on the executive committee is Ken Motiuk of Mundare as Alberta vice president. There are also vice presidents for Saskatchewan and Manitoba.
Agricore United shares is now publicly traded on the Toronto Stock Exchange under the symbol
UGG.
Alberta Wheat Pool/Agricore now joins a long line of elevator companies that have bit the dust, including the Alberta Farmers Co-operative of Calgary, Alberta Grain Company, Atlas Elevators, Golden West Grain Elevators of Winburn, Saskatchewan, Goose Lake Grain and Lumber of Saskatoon, Grain Growers Grain Company of Winnipeg, Imperial Elevator and Lumber of Winnipeg, Interior Elevator Company of Winnipeg, Planet Elevator Company of Winnipeg, Sterling Elevator Company of Moose Jaw, Strong and Dowler of Calgary, H.R. Soot Grain Company Ltd. of Winnipeg. Does anyone still remember Maple Leaf Milling or Mid-Land Grain Company of Winnipeg? Or Saskatchewan and Western Elevator Company of Winnipeg? Or Security Elevator or Southern Elevator Company Ltd. of Moose Jaw, Steward Grain Company, or Topper Grain, or Union Grain, or Balf? There was the British American Elevator Company and the Northern Elevator Company, and Gillespie Grain of Edmonton.
At one time, in the 1930s there were over 5,568 individual elevators licensed in Western Canada. With the mergers there are ever fewer left.