TORONTO, April 5 /CNW/ - In a media release issued yesterday evening,
Movie Distribution Income Fund (the "Fund") stated that it intends to seek
court intervention in connection with the completion of the Arrangement
pursuant to which AA Acquisition Corp. (formerly 6681859 Canada Inc.) would
acquire all of the outstanding shares of Alliance Atlantis Communications Inc.
("AACI") for $53.00 cash per share. The Fund, the indirect owner of 49% of
Motion Picture Distribution LP ("MPD"), stated in its release that it
believes, based on publicly available information, the consent of the trustees
of the Fund is required in connection with the Arrangement.
"We do not believe the Arrangement itself requires the consent of the
trustees of the Fund. As previously disclosed in our Management Proxy Circular
dated March 5, 2007, certain of the reorganizational steps contemplated by
AA Acquisition Corp. may require consents of third parties," said David
Lazzarato, Executive VP and Chief Financial Officer of AACI. "The trustees of
the Fund apparently believed they needed to take legal steps to preserve the
rights of the Fund in advance of the special meeting of Alliance Atlantis
shareholders to be held today. Nevertheless, we understand that the trustees,
together with AA Acquisition Corp. and management of MPD, continue to engage
in discussions. The trustees and management of MPD also continue to provide
information required by AA Acquisition Corp. to fully respond to the questions
raised by the trustees. We expect that AA Acquisition Corp. will be able to
satisfactorily address any concerns that the Fund's trustees may have
regarding the consequences to MPD from the Arrangement. As we currently expect
the Arrangement to be completed in July or early August, we believe there is
ample time for this process to run its course. We are hopeful that the parties
will reach a satisfactory understanding but, of course, we cannot currently
predict the outcome. In the meantime we will take whatever legal steps we
think are appropriate to protect our rights and the interests of our
shareholders. We look forward to our special meeting of shareholders later
Commenting on behalf of CanWest Global Communications Corp., Tom Strike,
Executive Vice President, advised that AA Acquisition Corp. intends to
continue to pursue a satisfactory resolution with the trustees of the Fund and
would take whatever legal action it deemed necessary to maximize the
likelihood of a timely completion of the Arrangement.
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 court proceedings, completion of the Arrangement and
the outcome of the discussions with the trustees of the Fund. 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 security 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 largely 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, Andrew Akman, tel. (416)
966-7701; CanWest Global, Deb Hutton, tel. (416) 383-2442