WINNIPEG, July 2 /CNW/ - Canwest Global Communications Corp. ("Canwest")
announced today that Ten Network Holdings Limited ("Ten Holdings") had
announced its intention to undertake an on-market share buyback of up to
approximately 10% of its issued shares over the next 12 months. Canwest owns
approximately 56% of Ten Holdings.
"Given the current Ten Holdings' share price, the proposed share buyback
should deliver long term value to our shareholders," Ten Holdings' executive
chairman, Nick Falloon, said.
Mr. Falloon noted that changes to Ten Holdings structure at the time of
the exchange by Canwest of its securities in late August 2007 had allowed Ten
Holdings board to consider various options in relation to capital management,
so as to maximise returns to its shareholders.
Canwest has advised Ten Holdings that it will not participate in the
share buyback at this time.
"Canwest also believes that the Ten Holdings' stock is currently
undervalued," Canwest's president and CEO, Leonard Asper, said. "Its TEN
Television Network's operating costs remain firmly under control and we remain
confident that its share of revenues will increase and its ratings performance
will continue to improve."
Forward Looking Statements:
This news release contains certain forward-looking statements about the
objectives, strategies, financial conditions, results of operations and
businesses of Canwest. Statements that are not historical facts are
forward-looking and are subject to important risks, uncertainties and
assumptions. These statements are based on our current expectations about our
business and the markets in which we operate, and upon various estimates and
assumptions. The results or events predicted in these forward-looking
statements may differ materially from actual results or events if known or
unknown risks, trends or uncertainties affect our business, or if our
estimates or assumptions turn out to be inaccurate. As a result, there is no
assurance that the circumstances described in any forward-looking statement
will materialize. Significant and reasonably foreseeable factors that could
cause our results to differ materially from our current expectations are
discussed in the section entitled "Risk Factors" contained in our Annual
Information Form for the year ended August 31, 2007 dated November 20, 2007
filed by Canwest Global Communications Corp. with the Canadian securities
commissions (available on SEDAR at www.sedar.com), as updated in our most
recent Management's Discussion and Analysis for the six months ended February
29, 2008. We disclaim 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.
About Canwest Global Communications Corp.
Canwest Global Communications Corp. (www.canwest.com), (TSX: CGS and
CGS.A,) is an international media company, is Canada's largest media company.
In addition to owning the Global Television Network, Canwest is Canada's
largest publisher of English language daily newspapers and owns, operates
and/or holds substantial interests in conventional television, out-of-home
advertising, specialty cable channels, web sites and radio stations and
networks in Canada, New Zealand, Australia, Turkey, Indonesia, Singapore, the
United Kingdom and the United States.
For further information:
For further information: Media Contact: John Douglas, Vice President,
Public Affairs, Tel: (204) 953-7737, firstname.lastname@example.org; Investor Contact:
Hugh Harley, Director, Investor Relations, Tel: (204) 953-7731,