June 28 (Reuters) - Tree Island Steel Ltd TSL.TO :
* TREE ISLAND ADVISED BY THE FUTURA CORPORATION AND ARBUTUS DISTRIBUTORS LTD. OF THEIR INTENTION TO MAKE AN UNSOLICITED PROPOSAL FOR ITS SHARES
* TREE ISLAND - APPOINTED A SPECIAL COMMITTEE; SPECIAL COMMITTEE WILL BE RETAINING A FINANCIAL ADVISOR TO PROVIDE AN INDEPENDENT VALUATION, OTHERS
* TREE ISLAND-BEEN ADVISED OF INTENTION OF FUTURA, ARBUTUS TO MAKE UNSOLICITED NON-BINDING PROPOSAL TO BUY SHARES OF CO FOR $2.25/SHARE