www.allianceatlantis.com TSX: AAC.A, AAC.B
TORONTO, April 11 /CNW/ - Alliance Atlantis Communications Inc. today
announced that, at its request, the Ontario Superior Court has now scheduled
May 18, 2007 as the date on which the Court will hold the fairness hearing in
connection with the Plan of Arrangement pursuant to which AA Acquisition Corp.
(formerly 6681859 Canada Inc.) would acquire all of the outstanding shares of
Alliance Atlantis for $53.00 cash per share.
Alliance Atlantis and AA Acquisition Corp. agreed with Movie Distribution
Income Fund (the "Fund") to now schedule the fairness hearing on this date and
have also agreed that the claim by the Fund announced in a media release on
April 4, 2007 relating to whether the Fund's consent was required in
connection with the Arrangement would be heard on the same date. The Fund is
the indirect owner of 49% of Motion Picture Distribution LP ("MPD") and it has
publicly stated that it believes, based on publicly available information, the
Fund's consent is required in connection with the Arrangement. Alliance
Atlantis indirectly owns 51% of MPD and previously responded in a media
release on April 5, 2007 that it does not believe the Arrangement itself
requires the Fund's consent.
"Scheduling the court date for the fairness hearing on May 18 will give
the parties time to properly respond to the claim made by the Fund. We do not
expect the new date to have any impact on the timing of closing of the Plan of
Arrangement, which is currently expected to occur in July or early August,"
said David Lazzarato, Executive VP and Chief Financial Officer of Alliance
Atlantis. "As I indicated on April 5, we understand that the Fund trustees,
together with AA Acquisition Corp. and management of MPD, continue to engage
in discussions. We believe there is ample time for this process to run its
course and we are hopeful that the parties will reach a satisfactory
understanding but, of course, we cannot currently predict its outcome."
About Alliance Atlantis
Alliance Atlantis offers Canadians 13 well-branded specialty channels
boasting targeted, high-quality programming. Alliance Atlantis also
co-produces and distributes the hit CSI franchise and indirectly holds a 51%
limited partnership interest in Motion Picture Distribution LP, a leading
distributor of motion pictures in Canada, with motion picture distribution
operations in the United Kingdom and Spain. Alliance Atlantis' shares are
listed on the Toronto Stock Exchange-trading symbols AAC.A and AAC.B. Alliance
Atlantis' website is www.allianceatlantis.com.
This press release includes forward-looking statements which reflect
Alliance Atlantis' current expectations. Forward-looking statements are those
which are not historical fact and include in this news release statements
relating to the expected court proceedings, completion of the Arrangement and
the outcome of the discussions with the Fund trustees. The reader should not
place undue reliance on such forward-looking statements. They involve known
and unknown risks, uncertainties and other factors that may cause them to
differ materially from anticipated future results or expectations expressed or
implied by such forward-looking statements. Other risks and factors are
described in materials filed by Alliance Atlantis with the security regulatory
authorities in Canada from time to time are available at www.sedar.com.
Alliance Atlantis undertakes no obligation to publicly update or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise.
For further information:
For further information: Andrew Akman, Senior Vice President, Finance -
Corporate Development & Investor Relations, Alliance Atlantis Communications
Inc., Tel: (416) 966-7701, Email: firstname.lastname@example.org; Nicola
McIsaac, Manager, Corporate & Public Affairs, Alliance Atlantis Communications
Inc, Tel: (416) 969-4405, Email: email@example.com