OKOTOKS, AB, Nov. 20 /CNW/ - (TSX - MTL) Mullen Group Ltd. ("Mullen") announced today that Livingston International Income Fund ("Livingston") has not executed the Acquisition Agreement delivered to them by Mullen on November 16, 2009. Therefore, effective 5:00 p.m. (Eastern time) Mullen's proposal for a business combination by way of plan of arrangement, whereby Mullen would acquire all of the outstanding trust units of Livingston on the basis of 0.566 of a common share of Mullen for each trust unit of Livingston expired according to its terms.
"Livingston made it clear that they would not be in a position to consider whether Mullen's proposal would be a Superior Proposal to that proposed by the Canada Pension Plan Investment Board and Sterling Partners unless Mullen was able to evidence unitholder support for its proposal through support agreements. As indicated in our Press Release of November 16, 2009, we have been actively seeking unitholder support for our proposal. To date, we have not been able to secure such unitholder support. In the absence of such support, we do not intend to dedicate further time, effort, resources or funds in pursuit of Livingston", stated Stephen H. Lockwood, President and Co-Chief Executive Officer.
"Since our original announcement outlining our intention to acquire Livingston on November 5, 2009, Livingston units have traded significantly higher. From my perspective there is only one reason - investors understood the rationale of a Mullen/Livingston business combination. We presented a compelling case and for the most part I must say we were encouraged by the support we received from both Livingston unitholders and Mullen shareholders. But the time comes in every process to move on, which Mullen will now do. We remain very interested in the customs brokerage business as well as the international logistics industry and will now focus our attention on new opportunities, including ones that have emerged as a result of this process", commented Murray K. Mullen, Chairman and Chief Executive Officer.
Mullen is recognized as the largest provider of specialized transportation and related services to the oil and natural gas industry in western Canada and as one of the leading suppliers of trucking and logistics services in Canada - two sectors of the economy in which Mullen has strong business relationships and industry leadership.
Mullen is a publicly traded corporation listed on the Toronto Stock Exchange under the symbol "MTL". Additional information is available on our website at www.mullen-group.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Mullen within the United States. The securities of Mullen have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws. Accordingly, the common shares of Mullen may not be offered or sold in the United States or to U.S. persons (as such terms are defined in Regulation S under the 1933 Act) unless registered under 1933 Act and applicable state securities laws or an exemption from such registration is available.
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "objective", "will", "should", "believe", "plans", "intends", "hope" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning our focus on new opportunities in the international logistics industry.
The forward-looking statements and information are based on certain key expectations and assumptions made by Mullen. Although Mullen believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Mullen can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the current financial markets and the service and energy industry in general. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release concerning these times.
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Mullen are included in reports of Mullen on file with applicable securities regulatory authorities and may be accessed through the SEDAR website at www.sedar.com. The forward-looking statements and information contained in this press release are made as of the date hereof and Mullen undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities law. Mullen relies on litigation protection for "forward-looking" statements.
SOURCE Mullen Group Ltd.
For further information: For further information: Mr. Murray K. Mullen - Chairman and Chief Executive Officer; Mr. Stephen H. Lockwood - President and Co-Chief Executive Officer, 121A, 31 Southridge Drive, Okotoks, Alberta, Canada, T1S 2N3, Tel: (403) 995-5200