CALGARY, Aug. 24 /CNW/ - CCS Income Trust (TSX: CCR.UN) ("CCS" or the
"Trust") today reported that Institutional Shareholder Services Canada Corp.
("ISS") has recommended that CCS unitholders vote FOR the proposed acquisition
of CCS by an investor group led by Mr. Werklund, the Founder, President and
Chief Executive Officer of CCS and which includes CAI Capital Partners,
Goldman Sachs Capital Partners, Kelso & Company, Vestar Capital Partners,
British Columbia Investment Management Corporation, Alberta Investment
Management and O.S.S. Capital Management L.P.
"We are pleased that ISS has recommended that their clients vote to
approve this transaction," said Mr. Werklund. "The all-cash offer of $46 per
unit delivers significant and immediate value to our unitholders. It is the
product of six months of intense negotiations and is backed by a committed
financing as described in the Management Information Circular dated
August 3rd, 2007. We are pleased that ISS has not only recognized the economic
merits of the transaction, but also the diligent corporate governance process
our Board undertook to arrive at this point."
The transaction has been approved unanimously by the board of directors
of CCS (with interested and non-independent directors abstaining) following
receipt of the unanimous recommendation of an Independent Committee of
directors of CCS Inc. Unitholders are encouraged to review the Management
Information Circular in its entirety.
A meeting of CCS securityholders has been scheduled for Wednesday,
September 5th, 2007 in Calgary to consider the proposed transaction. It is
anticipated that the transaction, if approved by the CCS securityholders, will
be completed in the fourth quarter of 2007.
For more information regarding the voting of Units and/or Exchangeable
Shares, CCS securityholders should contact Kingsdale Shareholder Services
Inc., the Canadian and non-US proxy solicitation agent, at 1-800-749-9890
(Banks and brokers should call Kingsdale collect at 416-867-2272) or Innisfree
M&A Incorporated, the US proxy solicitation agent, at 1-888-750-5834 (Banks
and brokers should call Innisfree collect at 212-750-5833).
ISS Canada Corp. is the leading authority on proxy voting and corporate
governance issues in Canada. ISS Canada has been providing advisory and voting
services to leading pension funds, investment managers, mutual funds and other
institutional shareholders since 1987.
About CCS Income Trust
CCS Income Trust (TSX: CCR.UN) is a recognized industry leader providing
integrated and environmentally responsible solutions along with other
complementary energy services. Headquartered in Calgary, Alberta, CCS provides
a diverse number of services across four divisions. CCS Energy Services
provides oilfield waste treatment, recovery and disposal. The second division,
HAZCO Environmental Services, provides integrated remediation, waste
management and decommissioning solutions. The third division, Concord Well
Servicing, manages well completions, workovers and abandonments utilizing a
fleet of 140 service rigs. The CCS Energy Marketing division provides crude
oil and condensate marketing services to CCS Energy Services and third
This news release contains "forward-looking statements" within the
meaning of applicable securities laws relating to the proposal to take the
Trust private, including statements regarding the terms and conditions of the
proposed transaction, and receipt of distributions of the Trust. Readers are
cautioned not to place undue reliance on forward-looking statements. Actual
results and developments may differ materially from those contemplated by
these statements depending on, among other things, the risks that the parties
will not proceed with a transaction, that the ultimate terms of the
transaction will differ from those that currently are contemplated, and that
the transaction will not be successfully completed for any reason (including
the failure to obtain the required approvals or clearances from regulatory
authorities). The statements in this news release are made as of the date of
this release. We undertake no obligation to comment on analyses, expectations
or statements made by third parties in respect of the Trust, its financial or
operating results or its securities.
For further information:
For further information: Investors, David Werklund, President and Chief
Executive Officer, CCS Income Trust, Phone: (403) 233-7565; Marshall McRae,
Chief Financial Officer, CCS Income Trust, Phone: (403) 231-1103; Media, David
Ryan, Longview Communications, Phone: (604) 562-5895