WINNIPEG, Aug. 17 /CNW/ - CanWest Global Communications Corp. ("CanWest")
announced today that it had received the required approval from Australia's
Foreign Investment Review Board (FIRB) to enable it to exercise its right to
exchange its ordinary shares and convertible debentures of The Ten Group Pty
Limited (TGL) for ordinary shares of Ten Network Holdings Limited (TEN). This
follows CanWest's announcement on June 18 that it intended to exercise its
right to exchange, subject to foreign ownership approvals.
"We welcome FIRB's decision and expect to complete the exchange by the
end of this month," said Leonard Asper, CanWest's President and CEO. "Over the
past 15 years, TEN has been an extremely successful investment for us and we
believe there is still much growth potential to be realized."
Upon completion of the exchange, CanWest will become TEN's majority
shareholder, holding approximately 523 million shares in TEN, which would
represent an approximate 56% controlling equity stake in that company.
On July 25, 2007, CanWest terminated the cooperative arrangement with TEN
to explore a possible sale of TEN securities.
This media release contains certain comments or "forward-looking
statements" that are based largely upon current expectations and are subject
to certain risks, trends and uncertainties. Statements that are not historical
facts are forward-looking and are subject to important risks, uncertainties
and assumptions. Factors that could cause actual events to vary from current
expectations include the risk that the proposed exchange transaction will not
be successfully completed for any reason. CanWest disclaims 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.
TEN (www.tencorporate.com.au) is a public company listed on the
Australian Stock Exchange (trading symbol: TEN). TEN owns the majority of the
shares of TGL. TGL owns and operates the free-to-air Ten Television Network in
the mainland capital cities of Australia and Eye Corp., an out-of-home
advertising business with operations in Australia, New Zealand, Singapore,
Indonesia, the United States and the United Kingdom.
About CanWest Global Communications Corp.
CanWest Global Communications Corp. (www.canwestglobal.com), an
international media company listed on the TSX (trading symbols: CGS and
CGS.A), is Canada's largest publisher of English language daily newspapers,
and owns, operates and/or holds substantial interests in free-to-air and
subscription-based television networks, out-of-home advertising, web sites,
and radio stations and networks in Canada, New Zealand, Australia, Singapore,
Indonesia, Turkey, the United States and the United Kingdom.
For further information:
For further information: Deb Hutton, Senior Vice President, Corporate
Communications, (416) 383-2442, email@example.com