Jan 17 (Reuters) - Spicers Ltd SRS.AX :
* ENTERS INTO A SCHEME IMPLEMENTATION DEED WITH KOKUSAI PULP & PAPER CO., LTD
* IN CONJUNCTION WITH SCHEME, SPICERS WILL PROPOSE A RETURN OF CAPITAL TO SHAREHOLDERS
* PROPOSED DEAL DELIVERS SIGNIFICANT VALUE TO SPICERS SHAREHOLDERS, WHO WILL RECEIVE ESTIMATED A$147.6 MILLION, OR 7.0 CPS, ON FULLY DILUTED BASIS
* SPICERS DIRECTORS UNANIMOUSLY RECOMMEND SHAREHOLDERS VOTE IN FAVOUR OF PROPOSED TRANSACTION
* UNDER TERMS OF SCHEME, SHAREHOLDERS WILL BE ENTITLED TO RECEIVE AN ESTIMATED 7.0 CENTS PER SHARE IN CASH
* CONSIDERATION OF A$90 MILLION FROM KPP FOR PURCHASE OF SPICERS
* ESTIMATED CAPITAL RETURNS TO SHAREHOLDERS OF APPROXIMATELY A$57.6 MILLION
* CAPITAL RETURNS WILL REPLACE PROPOSED CAPITAL RETURN OF A$15.0 MILLION APPROVED BY SHAREHOLDERS AT ANNUAL GENERAL MEETING ON 15 NOVEMBER