RICHMOND, BC, Sept. 15 /CNW/ - IAT Air Cargo Facilities Income Fund (the
"Fund") (TSX: ACF.UN) today announced changes to the trustees of the Fund and
the board of directors of the Fund's wholly owned subsidiary, International
Aviation Terminals Inc. ("IAT"), and the date of a special unitholder meeting
to amend the Fund's Declaration of Trust.
Robert J. Mair, Q.C., has resigned as a trustee and Chairman of the Fund
and as a director and Chairman of IAT. The trustees have appointed Stephen J.
Evans as a trustee of the Fund and as a director of IAT to replace Mr. Mair.
They have also appointed Zachary R. George and Carlton B. Klein as directors
of IAT. In addition, the trustees have appointed W. John Dawson, an existing
trustee and director, as Chairman of the Fund and of IAT.
Mr. Dawson thanked Mr. Mair for his service as Chairman of the Fund since
its initial public offering in 1997, noting that "The Trustees are very
grateful for Bob Mair's leadership, commitment, dedication, and business
acumen throughout his time as Chairman and trustee of the Fund and we wish him
the very best."
The Fund also announced that it is calling a special meeting of
unitholders of the Fund (the "Meeting"), at which unitholders will be asked to
appoint Zachary R. George and Carleton B. Klein as additional trustees of the
Fund and to approve certain amendments to the Fund's Declaration of Trust.
Stephen Evans is the Managing Director and co-founder of Sunstone Realty
Advisors Inc., a Vancouver-based sponsor and manager of Canadian private
equity funds for commercial real estate opportunities. He is also the
co-founder and a trustee of Pure Industrial Real Estate Trust (PIRET") and a
director of the general partner of the operating limited partnership of
WesternOne Equity Income Fund. Prior to that he was Vice President of England
Securities Ltd., a real estate investment, development and management company.
Mr. Evans has 21 years of experience in all sectors of real estate, including
development, leasing, management and financing of retail, office, multi-family
and industrial real estate.
Zachary R. George is a Co-Founder and Portfolio Manager of FrontFour
Capital Group LLC ("FrontFour"), an event driven hedge fund manager launched
in 2006. He was previously a Senior Investment Analyst at Pirate Capital and a
Credit Analyst for Mizuho Corporate Bank Ltd. Mr. George currently serves as a
trustee of Huntington Real Estate Investment Trust and as a director of
Cornell Companies Inc. and previously served as the Lead Independent Director
of PW Eagle Inc. and as a Director of Allied Defense Group, Inc. Mr. George
earned a Juris Doctor in 2002 from Brooklyn Law School and a Bachelor of Arts
degree in 1999 from Simon Fraser University.
Mr. Klein is a Co-Founder and the Chief Investment Officer of FrontFour.
He was previously a Portfolio Manager for Pirate Capital LLC and prior to that
a Managing Director and Chief Risk Officer at Citigroup Alternative
Investments. Mr. Klein also served as Managing Director and Portfolio Manager
at Citigroup/Citibank, N.A. for 15 years. Prior to Citigroup he served as Vice
President at Citigroup and at General Electric Investment Corp. and Fleet
Venture Resources. Mr. Klein earned his Masters in Business Administration
from Harvard Business School in 1982 and his B.S. in 1978 from Worcester
Each of Messrs. Evans, George and Klein is independent of management of
The record date for the Meeting is September 16, 2008 and the Meeting
will be held on October 20, 2008 at 2:30 p.m. (Vancouver time) at Suite 2000 -
5000 Miller Road, Richmond, B.C. The amendments to the Declaration of Trust
will be summarized in an information circular to be mailed to unitholders and
filed on SEDAR before the end of September, but are currently expected to
include changes to allow the Fund:
- to acquire and hold other assets in addition to the shares and
subordinated notes of IAT, which will give the Fund flexibility in
structuring any acquisitions that it may pursue; and
- to make a number of other amendments to update the Fund's Declaration
of Trust, including to allow the Fund to buy back its own units, to
borrow and grant security, and to allow the appointment of trustees
who are non-residents of Canada, provided that a majority of the
trustees are residents of Canada.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS: Forward-looking statements,
including statements with respect to future growth opportunities,
transactions and investments, ongoing business strategies or prospects,
possible future Fund and IAT actions and other measures are based on
information available at the time they are made, assumptions made by the Fund,
and the Fund's good faith belief with respect to future events, and are
subject to the risks and uncertainties outlined in the Fund's annual
information form that could cause actual performance or results to differ
materially from those reflected in the forward-looking statements, historical
results or current expectations. All forward-looking statements may be
affected by and are subject to he risks set out under Risk Factors in the
Fund's annual information form.
For further information:
For further information: IAT CONTACT: W. John Dawson, Chairman, IAT Air
Cargo Facilities Income Fund, Telephone (604) 685-3456