UPDATE 1-High Liner says Scotia to transfer stake to Thornridge

* Scotia Investments to transfer 37 pct shrs

* Scotia to also transfer 7 pct non-voting shrs

* Says grants waiver under shareholder rights plan

* Redeems 2007 shareholder rights plan, adopts new one

July 26 (BestGrowthStock) – High Liner Foods Inc (HLF.TO: ) (HLF.A: )
said its largest shareholder Scotia Investments Ltd will
transfer its 37 percent common shares in the Canadian company
to Thornridge Holdings Ltd and it granted a waiver under its
shareholder rights plan.

Scotia and its units will also transfer their 7 percent
non-voting shares to Thornridge, a company owned by Jean
Hennigar and her extended family, the frozen seafood company
said in a statement.

The waiver for the transaction was adopted in view of the
reorganization of Scotia Investments, High Liner said.

High Liner said it redeemed its shareholder rights under
the plan adopted in 2007 and adopted a new shareholder rights
plan on substantially the same terms to facilitate the waiver.

High Liner shares closed at C$11.59 Thursday on the Toronto
Stock Exchange.

Investing

(Reporting by Koustav Samanta in Bangalore; Editing by
Gopakumar Warrier)

UPDATE 1-High Liner says Scotia to transfer stake to Thornridge