GraceKennedy Announces Conclusion of the Sales of its Shares in H&L

GraceKennedy Ltd announced the comletion of the sale of its shares in Hardware & Lumber Ltd ("H&L") to purchaser Argyle Industries Inc. ("Argyle").

Argyle (a St. Lucian Company) is a special purpose vehicle incorporated for the purposes of acquiring and holding the investor's equity interests in Hardware & Lumber Ltd. the investors in Argyle include a group of sophisticated investors led by ABBECO INVEST S.A. (a Bahamian investment company), Sterling Asset Mangaeent Ltd (along with its affiliates and associates) and Greystone Equity Partners Inc. (along with its affiliates and associates).

In keeping with the sale agreement, GraceKennedy has divested its 58.15% interest in H&L to Argyle for a price of $18.50 per share.