MONTREAL, Jan. 1 /CNW Telbec/ - BCE Inc. (TSX, NYSE: BCE) today
announced that on January 1, 2011, Bell Aliant Regional Communications
Income Fund (the Fund) completed a plan of arrangement under Section
192 of the Canada Business Corporations Act (the Plan of Arrangement)
pursuant to which it converted to a corporate structure (the
Under the Plan of Arrangement, BCE and Bell Canada exchanged, through a
series of steps, substantially all of their direct and indirect
interests in the Fund and its underlying entities for an aggregate of
100,376,270 common shares of Bell Aliant Inc. (Bell Aliant), the
successor to the Fund, representing an approximate 44.1% interest in
Bell Aliant. Immediately prior to the Conversion, BCE held, directly
and indirectly, an approximate 44.1% interest in the Fund (on an
Under the Plan of Arrangement, unitholders of the Fund received one
common share of Bell Aliant for each unit of the Fund held. The common
shares of Bell Aliant are listed on the TSX under the trading symbol
BA. As a result of the Plan of Arrangement, BCE also owns, indirectly
through Bell Canada, a nominal interest in Bell Aliant's otherwise
wholly owned subsidiary Bell Aliant Regional Communications Inc.
In connection with the Plan of Arrangement, BCE and Bell Canada amended
and restated their existing securityholders' agreement with the Fund
and its underlying entities to reflect the Conversion. Under the
amended and restated securityholders' agreement dated January 1, 2011,
BCE has similar rights as it had prior to the Conversion, including the
right to appoint a majority of the directors of Bell Aliant Regional
Communications Inc. and the right to nominate a majority of the
directors of Bell Aliant, subject to certain conditions, for so long as
BCE has not less than a 30% interest in Bell Aliant.
As required by applicable securities laws, BCE hereby discloses that it
holds its interest in Bell Aliant and Bell Aliant Regional
Communications Inc. for strategic purposes and that, although it has no
current intention to acquire additional securities of Bell Aliant or
Bell Aliant Regional Communications Inc., it reserves the right to
increase or decrease, from time to time, its ownership over securities
of Bell Aliant and Bell Aliant Regional Communications Inc.
A copy of the early warning report corresponding to this news release
can be obtained from BCE Investor Relations at 1-800-339-6353 or firstname.lastname@example.org, or on SEDAR at www.sedar.com.
BCE is Canada's largest communications company, providing the most
comprehensive and innovative suite of communication services to
residential and business customers in Canada. Operating under the Bell
and Bell Aliant brands, the Company's services include telephone
services, wireless communications, high-speed Internet, digital
television, IP-broadband services and information and communications
technology (ICT) services.
The Bell Mental Health Initiative is a multi-year charitable program
that promotes mental health across Canada via the Bell Let's Talk
anti-stigma campaign and support for community care, research and
workplace best practices. To learn more, please visit www.bce.ca/mentalhealth. For BCE corporate information, please visit www.bce.ca. For Bell product and service information, please visit www.bell.ca.
SOURCE BCE Inc.
For further information:
Bell Media Relations
BCE Investor Relations