HALIFAX, June 16 /CNW/ - Bell Aliant Regional Communications Income Fund (the Fund or Bell Aliant) (TSX: BA.UN) announced today that at its annual and special meeting held in Halifax, unitholders approved the previously announced proposed conversion from an income trust to a corporate structure, with over 87% of the votes cast in favour of the conversion.
"We are pleased that our unitholders have voted in favour of this transaction, which will enable Bell Aliant to have a simpler structure, reduced administrative costs, more comparable financial reporting to our peers, and potentially enhanced access to capital," said Karen Sheriff, president and CEO, Bell Aliant.
Upon being implemented, the transaction will result in the conversion of Bell Aliant's income trust structure into a dividend paying public corporation to be named "Bell Aliant Inc.", under the trading symbol of TSX: BA. Upon completion of the conversion, Fund unitholders will receive one common share of the resulting public corporation for each unit held.
The conversion is subject to certain conditions, including obtaining court, regulatory and other approvals, and is expected to be completed on or about January 1, 2011.
This news release contains forward-looking statements concerning anticipated future events, circumstances and expectations, in particular concerning the Fund's anticipated conversion to a corporate structure and the anticipated impact of such conversion on Bell Aliant. Such forward-looking statements describe management's expectations at June 16, 2010. These statements are based on management's beliefs regarding future events, many of which, by their nature are inherently uncertain and beyond management's control. Therefore, actual results and events may differ materially from what is predicted.
Assumptions made and risk factors considered in preparing our forward-looking statements are discussed in detail in the Fund's Management Information Circular dated May 7, 2010, as well as in the Fund's and Bell Aliant Holdings LP's 2009 annual management's discussion and analysis (MD&As) and annual information forms, and 2010 first quarter MD&As, which are available at www.bellaliant.ca or at www.sedar.com. All forward-looking statements in this news release are qualified by these cautionary statements, and there can be no assurance that the results or events predicted will be realized. Except as may be required by Canadian securities laws, Bell Aliant disclaims any intention and assumes no obligation to update or revise any forward-looking statement even if new information becomes available, as a result of future events or for any other reason. Readers should not place undue reliance on any forward-looking statements.
About Bell Aliant
Bell Aliant (TSX: BA.UN) is one of North America's largest regional communications providers and the first company in Canada to cover an entire city with fibre-to-the-home (FTTH) technology with its FibreOP(TM) services. Through its operating entities it serves customers in six Canadian provinces with innovative information, communication and technology services including voice, data, Internet, video and value-added business solutions. Through its xwave offices, Bell Aliant also provides IT professional services and advanced technology solutions. Bell Aliant's employees deliver the highest quality of customer service, choice and convenience. For more information about Bell Aliant visit www.bellaliant.ca.
SOURCE Bell Aliant Inc.
For further information: For further information: Media Relations: Alyson Queen, (866) 696-6700, firstname.lastname@example.org; Investor Relations: Zeda Redden, (877) 487-5726, email@example.com