FrontFour Holdings Inc and FrontFour Capital Group LLC announce intention to make a takeover bid to acquire up to 2,797,884 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 13 /CNW/ - FrontFour Holdings Inc. ("FrontFour
Holdings"), and its parent FrontFour Capital Group LLC ("FrontFour LLC")
announced today that FrontFour Holdings intends to make a take-over bid (the
"Offer") to acquire up to 2,797,884 units (the "Fund Units") of IAT Air Cargo
Facilities Income Fund (the "Fund", TSX Symbol ACF.UN) at a price of $7.40 in
cash per unit (the "Offer Price").
    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 685,400 Fund Units, representing approximately 9.84% of
the outstanding Fund Units.
    The Offer will be made solely by a formal take-over bid circular, which
will contain the full terms and conditions of the Offer, including details of
how the Offer may be accepted. FrontFour Holdings will request a list of the
Fund's Unitholders and expects to mail the take-over bid circular to the
Fund's Unitholders as soon as reasonably practicable following receipt of the
unitholder list.
    The formal take-over bid circular will be 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

    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

    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: Andrew Stotland at (212) 499-2540

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FrontFour Capital Group LLC

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