FrontFour Holdings Inc and FrontFour Capital Group LLC commence a takeover bid to acquire 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 24 /CNW/ - FrontFour Holdings Inc. ("FrontFour
Holdings"), and its parent FrontFour Capital Group LLC ("FrontFour LLC") are
commencing today a take-over bid (the "Offer") to acquire at a price of $7.40
in cash per unit (the "Offer Price") that number of units ("Fund Units") of
IAT Air Cargo Facilities Income Fund (the "Fund") (which as of today's date
would represent 2,801,184 Fund Units) that constitutes, when added to the Fund
Units owned by FrontFour Holdings, its joint actors or any of their respective
affiliates, 50% plus 100 Units of the Fund Units outstanding (on a fully
diluted basis) at the time Fund Units are taken up under the Offer.
    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 682,100 Fund Units, representing approximately 9.79% of
the outstanding Fund Units.
    The Offer is being made solely by a formal take-over bid circular, which
contains the full terms and conditions of the Offer, including details of how
the Offer may be accepted. The formal take-over bid circular has been 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 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: Zachary George at 1-877-744-1272


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