Longview Fibre Board of Directors Call Special Meeting
Washington, DC, USA, 07 June 2006 -– Longview Fibre Company (NYSE: LFB) today announced that its board of directors has elected to hold a special meeting of shareholders on 12 September 2006. The purpose of the special meeting is to consider and vote on the advisory, non-binding proposals advanced by Obsidian Finance Group, LLC and The Campbell Group, LLC in the solicitation statement recently mailed to the company's shareholders.
"As we stated in our June 5 letter to shareholders, we are not opposing the holding of a special meeting at which shareholders can consider and vote upon Obsidian's and Campbell's proposals," said Richard H. Wollenberg, Longview Fibre's president, chief executive officer, and chairman of the board. "It has been more than six weeks since Obsidian and Campbell first stated they would seek to hold a special meeting, and they are just now commencing their solicitation for that purpose.
"In order to eliminate the uncertainty as to timing resulting from their delays, our board decided to take the initiative and schedule the special meeting to be held on September 12," Wollenberg continued. "We believe Obsidian and Campbell are fundamentally undervaluing Longview Fibre and its high quality timber assets, and we plan to vigorously oppose their self-interested proposals. We look forward to the opportunity to meet with shareholders in advance of the special meeting and discuss in more detail the progress we are making in executing our operating plan."
Information Regarding Participants
Longview Fibre Company's directors and certain of its executive officers, as well as Longview Fibre Company, may be deemed to be participants in any solicitation of Longview Fibre Company's shareholders in opposition to any solicitation conducted by Obsidian Finance Group, LLC and/or The Campbell Group, LLC or any of their affiliates for proxies to vote at the special meeting of Longview Fibre Company shareholders.
Shareholders may obtain information regarding the names, affiliations, and interests of such individuals in Longview Fibre Company's proxy statement for the company's 2006 annual meeting of shareholders, filed with the SEC on 27 February 2006 on Schedule 14A. A copy of that proxy statement may be obtained free of charge on the Securities and Exchange Commission's Web site at http://www.sec.gov, through the link to Longview Fibre Company's SEC filings on the company's Web site at http://www.longviewfibre.com, or by directing a request to L.J. McLaughlin, 300 Fibre Way, Longview, Washington 98632, (360) 425-1550.
The company expects to file a proxy statement and/or other soliciting materials and other relevant documents with the SEC. Shareholders should read any such proxy statement, other soliciting materials, or other relevant documents when and if they become available, because they will contain important information. Shareholders may obtain copies of such documents (when and if they become available) free of charge on the SEC's Web site at http://www.sec.gov, through the link to Longview Fibre Company's SEC filings on the company's Web site at http://www.longviewfibre.com, or by directing a request to L.J. McLaughlin, 300 Fibre Way, Longview, Washington 98632, (360) 425-1550.
About Longview Fibre Company
Longview Fibre Company is a diversified timberlands owner and manager, and a specialty paper and container manufacturer. Using sustainable forestry methods, the company manages approximately 587,000 acres of softwood timberlands predominantly located in western Washington and Oregon, primarily for the sale of logs to the U.S. and Japanese markets. Longview Fibre's manufacturing facilities include a pulp and paper mill at Longview, Washington; a network of converting plants; and a sawmill in central Washington. The company's products include logs, corrugated and solid-fiber containers, commodity and specialty kraft paper, paperboard, and dimension and specialty lumber. Longview Fibre press releases, SEC filings, and annual reports are available at no charge through the company's Web site at www.longviewfibre.com.