FrontFour Holdings Inc and FrontFour Capital Group LLC announce intention to make a takeover bid to acquire up to 2,797,884 units of IAT Air Cargo Facilities Income Fund (TSX: ACF.UN) at a price of $7.40 in cash per unit offer represents a 9.6% premium to the fund's unitholders



    VANCOUVER, June 13 /CNW/ - FrontFour Holdings Inc. ("FrontFour
Holdings"), and its parent FrontFour Capital Group LLC ("FrontFour LLC")
announced today that FrontFour Holdings intends to make a take-over bid (the
"Offer") to acquire up to 2,797,884 units (the "Fund Units") of IAT Air Cargo
Facilities Income Fund (the "Fund", TSX Symbol ACF.UN) at a price of $7.40 in
cash per unit (the "Offer Price").
    The Offer Price represents a premium of approximately 9.6% over the
closing price of the Fund Units on the Toronto Stock Exchange of $6.75 on June
12, 2008, the last trading day before this announcement.
    FrontFour Holdings, FrontFour LLC and their respective affiliates hold in
aggregate a total of 685,400 Fund Units, representing approximately 9.84% of
the outstanding Fund Units.
    The Offer will be made solely by a formal take-over bid circular, which
will contain the full terms and conditions of the Offer, including details of
how the Offer may be accepted. FrontFour Holdings will request a list of the
Fund's Unitholders and expects to mail the take-over bid circular to the
Fund's Unitholders as soon as reasonably practicable following receipt of the
unitholder list.
    The formal take-over bid circular will be filed on SEDAR. Fund
Unitholders should read the take-over bid circular and any other materials
relating to the Offer, copies of which can be obtained on the SEDAR website at
www.sedar.com http://www.sedar.com.

    About FrontFour

    FrontFour Capital Group LLC is a privately owned hedge fund management
company based in New York, New York. FrontFour Holdings Inc. is a British
Columbia corporation and a wholly owned subsidiary of FrontFour Capital Group
LLC.

    The Toronto Stock Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.





For further information:

For further information: Andrew Stotland at (212) 499-2540


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