12:01 PM EST - Tree Island Steel Ltd. : Has been advised of the intention of The Futura Corporation and Arbutus Distributors Ltd, entities controlled by certain directors of the Company, to make an unsolicited non-binding proposal by way of a plan of arrangement to acquire all of the common shares of the Company not already owned by the Offerors for consideration consisting of $2.25 per share payable in cash, subject to a number of terms and conditions. A binding proposal has not yet been made to the Company or its shareholders. Tree Island Steel Ltd.
shares T.TSL are trading up $0.23 at $2.23.
