TORONTO, Aug. 11 /CNW/ - Andlauer Management Group Inc. ("AMG") announced
today that it has proposed a transaction 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 which represents a premium of C$2.30 or 24.3% from
the closing price of the Units on the TSX on August 11, 2008 of C$9.45 and
25.8% based on the 20-day volume weighted average price of the ATS units.
A formal offer has not yet been made to unitholders. AMG has reserved the
right not to proceed with a formal offer if the Board of ATS does not make a
favourable recommendation to Unitholders in respect of a transaction and enter
into a support agreement with AMG.
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.
At this time, AMG is not legally obligated to engage in any transaction
noted above or on any other terms, and no assurance can be given that any
transaction will be undertaken.
AMG has retained National Bank Financial Inc. as its financial adviser
and Ogilvy Renault LLP as legal adviser.
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