TORONTO, April 5 /CNW/ - Alliance Atlantis Communications Inc. ("Alliance
Atlantis") (TSX: AAC.A, AAC.B) and CanWest Global Communications Corp.
("CanWest") (TSX: CGS and CGS.A, NYSE: CWG) announced today that, at a Special
Meeting of Shareholders held this morning, shareholders of Alliance Atlantis
passed a special resolution approving an arrangement (the "Arrangement")
pursuant to section 192 of the Canada Business Corporations Act whereby AA
Acquisition Corp. (formerly 6681859 Canada Inc.) ("Acquireco"), a corporation
wholly owned by CanWest MediaWorks Inc., will acquire all of the outstanding
Class A and Class B shares of Alliance Atlantis for $53.00 cash per share.
The Arrangement was approved by 99.7% of the votes cast by holders of
outstanding Class A Voting Shares and 99.99% of the votes cast by holders of
outstanding Class B Non-Voting Shares present in person or represented by
proxy at the meeting. Both votes exceeded the required two-thirds approval for
each class of shares.
"We are very happy that the shareholders of Alliance Atlantis have
overwhelmingly voted in favour of the Arrangement, as recommended by our Board
of Directors," said Phyllis Yaffe, Chief Executive Officer of Alliance
"We too are pleased with today's results," said Leonard Asper, President
and Chief Executive Officer of CanWest Global Communications Corp. "This
brings us one step closer to combining the people and expertise of CanWest and
Alliance Atlantis in order for us together to produce even better Canadian
content, promote it more effectively and provide greater access to more
viewers across more platforms."
The completion of the Arrangement is subject to the approval of the
Ontario Superior Court of Justice and to the satisfaction of certain other
conditions described in the Management Proxy Circular dated March 5, 2007
which was mailed to shareholders of Alliance Atlantis and is available on
SEDAR at www.sedar.com under Alliance Atlantis' corporate profile. As
previously announced on March 28, 2007, Alliance Atlantis and CanWest expect
that the completion of the Arrangement will occur in July 2007 or early August
About Alliance Atlantis Communications Inc.
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 www.allianceatlantis.com.
About CanWest Global Communications Corp.
CanWest Global Communications Corp. (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.
This press release includes forward-looking statements which reflect
Alliance Atlantis' current expectations. Forward-looking statements are those
which are not historical fact and include in this news release statements
relating to the expected completion of the Arrangement. The reader should not
place undue reliance on 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. Other risks and factors are
described in materials filed by Alliance Atlantis with the securities
regulatory authorities in Canada from time to time are available at
www.sedar.com. Alliance Atlantis undertakes no obligation to publicly update
or revise any forward-looking statements or information, whether as a result
of new information, future events or otherwise.
This news release contains certain comments or forward-looking statements
regarding CanWest that are based upon current expectations and are subject to
certain risks, trends and uncertainties. These factors could cause actual
future performance to vary materially from current expectations. CanWest
disclaims any intention or obligation to update any forward-looking statement
even if new information becomes available as a result of future events or for
any other reason.
For further information:
For further information: Alliance Atlantis: Nicola McIsaac, tel. (416)
969-4405; CanWest Global: Deb Hutton, tel. (416) 383-2442