TORONTO, Nov. 27, 2012 /CNW/ - Look Communications Inc. ("Look") (NEX:LOK.H and LOK.K) announced today that the board of directors of Look has formed a special committee to monitor the sale process being undertaken by Unique Broadband Systems, Inc. and its wholly-owned subsidiary (collectively, "UBS"). Look understands that, pursuant to a court order issued on November 9, 2012, Duff & Phelps Canada Restructuring Inc., in its capacity as the monitor of the Companies' Creditors Arrangement Act ("CCAA") proceedings with respect to UBS, has been authorized to conduct a sale process (the "Sale Process") for UBS's 39.2% economic interest and 37.6% voting interest in Look.
The special committee is comprised of two members of the board of Look who are independent of UBS and have no interest or potential interest in the Sale Process (other than in their capacity as fiduciaries of Look). Whereas Look has perceived its interests as aligned on most matters with UBS, it is recognized that the Sale Process now undertaken by UBS could potentially result in a divergence of those interests. The purpose of the committee is to monitor the Sale Process and ensure that the interests of Look and its non-UBS shareholders are taken into account, protected and advanced in and by that process. The committee's mandate includes the power to take any steps on behalf of Look that the committee deems appropriate to protect the interests of Look and its shareholders (taken as a whole).
About Look Communications Inc.
Look's shares are listed on the NEX under the symbols "LOK.H" for Multiple Voting Shares and "LOK.K" for Subordinate Voting Shares. Look's website may be found at www.look.ca.
The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of Look that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by Look at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by Look that actual results achieved will be the same in whole or in part as those forecast.
Neither the NEX nor its Regulation Services Provider (as that term is defined in the policies of the NEX) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Look Communications Inc.
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