TORONTO, Sept. 25 /CNW/ - In response to enquiries received, Andlauer
Management Group Inc. ("AMG") announced today an update regarding its proposal
to the board of trustees of ATS Andlauer Income Fund ("ATS") (TSX: ATS.UN)
under which AMG or an affiliate would acquire all of the units of ATS not
owned by AMG or its affiliates at a price of C$11.75 per Unit announced on
August 11, 2008.
AMG has yet to receive any formal response to its proposal from the board
of trustees of ATS. Under applicable securities laws, AMG cannot proceed with
making a formal offer to the unitholders of ATS until it has received a formal
valuation (the "Valuation") of the Units of ATS (unless an exemption from this
requirement is available or obtained). While AMG understands that the board of
trustees have engaged independent valuators, AMG has not been advised when the
Valuation will be available.
AMG believes that its proposal represents an attractive value proposition
and liquidity for unitholders. AMG has indicated that it will not enter into
or support any alternative transaction.
At this time, AMG is not legally obligated to engage in any transaction
and no assurance can be given that any transaction will be undertaken.
AMG is a company controlled by Michael Andlauer, the President and Chief
Executive Officer of the General Partner of ATS Andlauer Transportation
Services Limited Partnership ("ATS Andlauer LP"). ATS is an open-ended trust
that holds, indirectly, securities of ATS Andlauer LP. AMG owns directly or
indirectly Units of ATS or other securities exchangeable for Units of ATS
which, assuming the exchange of such securities, would represent approximately
25.3% of the outstanding Units.
ATS's units trade on the Toronto Stock Exchange under the symbol ATS.UN.
For further information:
For further information: Peter Jelley at National Bank Financial Inc. at