CRTC Approvals Obtained in Connection With Alliance Atlantis' Plan of Arrangement
26 5월 2007 - 1:19AM
PR Newswire (US)
Mr. James Macdonald appointed to act as trustee TORONTO, May 25
/PRNewswire-FirstCall/ -- Alliance Atlantis Communications Inc.
("Alliance Atlantis") and CanWest Global Communications Corp.
("CanWest") today announced that approvals had been obtained from
the Canadian Radio-television and Telecommunications Commission
("CRTC") in respect of the Plan of Arrangement pursuant to which AA
Acquisition Corp. (formerly 6681859 Canada Inc.) would acquire all
of the outstanding shares of Alliance Atlantis for $53.00 cash per
share. Alliance Atlantis owns (directly or indirectly) the
securities of certain entities which are regulated by the CRTC. In
connection with the completion of the Plan of Arrangement, those
securities will be deposited with a trustee pending the CRTC's
decision regarding the acquisition of those regulated entities by
AA Acquisition Corp. The CRTC has now approved the trust
arrangements with respect to those regulated entities, including
the appointment of Mr. James Macdonald to act as trustee. Approval
of the trust arrangements by the CRTC is a condition of completion
of the Plan of Arrangement, and this condition has now been
satisfied. After completion of the Plan of Arrangement, it is
intended that there will be a reorganization of the various
business units and assets of Alliance Atlantis. The CRTC has now
also approved those steps in the reorganization which includes the
entities that are regulated by the CRTC being placed in the
approved trust. Approval of the reorganization by the CRTC is also
a condition of the Arrangement, and this condition has now been
satisfied. While no other CRTC approvals are required as conditions
of the Plan of Arrangement, the acquisition of the regulated
entities by AA Acquisition Corp. remains subject to the CRTC's
approval. "We are very pleased that these approvals have been
obtained which satisfy certain conditions pertaining to the
acquisition," said Leonard Asper, President and Chief Executive
Officer of CanWest. "This is another important step in the
transaction process. All material regulatory approvals required in
connection with the broadcasting operations that are part of the
Plan of Arrangement have now been obtained." "Jim Macdonald is a
highly experienced and well-respected member of the Canadian
broadcasting industry," said Phyllis Yaffe, Chief Executive Officer
of Alliance Atlantis. "Jim's long-standing commitment to the
broadcasting sector makes him an ideal candidate for this important
role and I look forward to working with him in the weeks and months
ahead." For Mr. Macdonald's biography, please click
http://files.newswire.ca/603/Macdonald_bio.pdf About Alliance
Atlantis Alliance Atlantis offers Canadians 13 well-branded
specialty channels boasting targeted, high-quality programming.
Alliance Atlantis also co-produces and distributes the hit CSI
franchise and indirectly holds a 51% limited partnership interest
in Motion Picture Distribution LP, a leading distributor of motion
pictures in Canada, with motion picture distribution operations in
the United Kingdom and Spain. Alliance Atlantis' shares are listed
on the Toronto Stock Exchange-trading symbols AAC.A and AAC.B.
Alliance Atlantis' website is http://www.allianceatlantis.com/.
About CanWest Global Communications Corp. CanWest Global
Communications Corp. (http://www.canwestglobal.com/), (TSX: CGS and
CGS.A, NYSE: CWG) an international media company, is Canada's
largest media company. In addition to owning the Global Television
Network, CanWest also owns, operates and/or holds substantial
interests in Canada's largest publisher of daily newspapers, and
conventional television, out-of-home advertising, specialty cable
channels, web sites and radio stations and networks in Canada, New
Zealand, Australia, Turkey, Singapore, the United Kingdom and the
United States. Forward-Looking Statements This news release
includes forward-looking statements which reflect the current
expectations of Alliance Atlantis and CanWest. Forward-looking
statements are those which are not historical fact and include in
this news release statements relating to the completion of the
Arrangement. The reader should not place undue reliance upon such
forward-looking statements. They involve known and unknown risks,
uncertainties and other factors that may cause them to differ
materially from anticipated future results or expectations
expressed or implied by such forward-looking statements. Certain
risks, uncertainties and other factors are described in materials
filed by Alliance Atlantis and CanWest with the security regulatory
authorities in Canada from time to time and are available at
http://www.sedar.com/. Neither Alliance Atlantis nor CanWest
undertakes any obligation to publicly update or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise. DATASOURCE: Alliance
Atlantis Communications Inc. CONTACT: Alliance Atlantis, Nicola
McIsaac, tel. (416) 969-4405; CanWest Global, Deb Hutton, tel.
(416) 383-2442
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