TORONTO, Sept. 7, 2011 /CNW/ - Significant unitholders of Arctic Glacier
Income Fund (TSX:AG.UN) (the "Fund"), including Coliseum Capital Partners, L.P. and Tålamod Master Fund,
LP (collectively, the "Concerned Unitholders"), announced today the nominees who will be proposed to replace the
current board of trustees of the Fund and the board of directors of its
wholly-owned subsidiary, Arctic Glacier Inc.
Based on discussions with other unitholders it has become clear that a
majority of the outstanding units of the Fund are strongly in favour of
the initiative to change the composition of the trustees and directors.
The Concerned Unitholders' nominees to become the new trustees of the
Fund and directors of Arctic Glacier Inc. are: Lorie Waisberg, Gerry
Miller, Mark Bromberg, Wendy King and Chris Shackelton.
All of the nominees named above are highly experienced with excellent
reputations in the business community. A brief biography of each
nominee follows further below.
The Concerned Unitholders are hopeful that the current board of trustees
will embrace this slate of nominees and begin an immediate transition
to new leadership of the Fund, with the primary objective of increasing
unitholder value. However, if the current board of trustees does not
support this slate of nominees, the Concerned Unitholders intend to
file a dissident proxy circular that will provide compelling reasons to
support their nominees at the Fund's annual and special meeting of
unitholders, which has been scheduled for October 17, 2011.
Furthermore, the Concerned Unitholders wish to reiterate that they have
the financial resources and the resolve to sponsor, on behalf of all
unitholders, a financial solution for the Fund, having already
communicated to the current board of trustees a willingness to backstop
a rights offering. The Concerned Unitholders believe that, through new
leadership and access to financing on favourable terms, considerable
value can be unlocked in the Fund's units.
In support of their efforts, the Concerned Unitholders have engaged
Norton Rose OR LLP and Kingsdale Shareholder Services Inc. This news
release does not constitute a solicitation of proxies.
Mr. Waisberg is a corporate lawyer, having practiced law at Goodmans LLP
for over 30 years in the areas of corporate governance and mergers and
acquisitions. Mr. Waisberg has served as a Director on the Boards of
approximately 15 Canadian public companies, including Co-Steel,
Centrefund Realty, Harris Steel, Keyston and Microcell. Mr. Waisberg
is currently a Director on the Boards of Chantrell Ventures, Chemtrade
Logistics, Noront Resources, Metalex, Primary Energy Recycling, RX
Exploration and Tembec. Mr. Waisberg holds a BA, MA and LLB from the
University of Toronto and a LLM from Harvard University.
Mr. Miller held numerous executive positions during his 25 year career
with West Fraser Timber Co. Ltd., including Executive VP of Finance and
CFO and Executive VP of Operations. Mr. Miller has been a member of
the Institute of Chartered Accountants of British Columbia and the
Canadian Institute of Chartered Accountants for over 30 years. Prior to
joining West Fraser, Mr. Miller was a Senior Audit and Tax Manager with
KPMG. Mr. Miller is a Director on the Board of MI Developments Inc.,
and is the Chair of its Audit Committee. Mr. Miller holds a BComm from
the University of British Columbia.
Mr. Bromberg has over 30 years of experience as a founder and executive
of numerous US and Canadian restaurant companies, including acting as
President and CEO of Pinnacle Restaurant Group, East Side Mario's
Restaurant, Prime Restaurant Group, Lime Rickey's Restaurants and Mr.
Greenjeans. Mr. Bromberg also served as Chairman of Metromedia
Restaurant Group. Mr. Bromberg currently serves as the Chairman and
CEO of Apex Restaurant Group, managing brands such as Blue Chalk Café,
Left at Albuquerque and Semolina International Pasta. Among others,
Mr. Bromberg has served as Chairman of the Canadian Restaurant
Association, and as a Director on the Boards of Quiznos and the
National Restaurant Association. Mr. Bromberg holds a BA and MBA from
Ms. King is Senior Legal Counsel of Weyerhaeuser Company Limited. Prior
to joining Weyerhaeuser, Ms. King was a corporate lawyer with Borden
Ladner Gervais LLP. Ms. King is a Director on the Board of Via Rail
Canada, as well as a Director for the Canadian Corporate Counsel
Association. Ms. King holds a BA from the University of British
Columbia, a LLM from the London School of Economics and an MBA from the
dual program between Columbia University and the University of
Mr. Shackelton is a Managing Partner and co-founder of Coliseum Capital
Management, LLC. Prior to Coliseum, Mr. Shackelton was an Analyst at
Watershed Asset Management. Earlier in his career, Mr. Shackelton
worked in the investment banking division of Morgan Stanley & Co. Mr.
Shackelton was Chairman of the Board of Rural/Metro Corp until the sale
of the Company in 2011. In addition, Mr. Shackelton served as a
Director on the Board of Interstate Hotels & Resorts Inc. until the
sale of the company in 2010. Mr. Shackelton is currently a Trustee for
the Walter Johnson Foundation. Mr. Shackelton holds a BA from Yale
SOURCE Concerned Unitholders of Arctic Glacier Income Fund
For further information:
Kingsdale Communications Inc.