Significant Liquor Barn unitholder views enhanced Liquor Stores' offer as inadequate


    EDMONTON, June 4 /CNW/ - Peter J. Byrne, who believes that he is one of
the largest non-institutional unitholders of Liquor Barn Income Fund,
announced today that he believes the current offer to purchase Liquor Barn
from Liquor Stores Income Fund is inadequate and urged Liquor Barn unitholders
not to tender to the offer.
    In addition to being a significant Liquor Barn unitholder, Mr. Byrne is
also President and CEO of Anderson's Liquor Inc., the largest privately held
liquor store chain in Alberta based on number of stores.
    "I firmly believe that Liquor Stores' current offer significantly
undervalues Liquor Barn," said Mr. Byrne. "As an experienced owner and
operator of liquor stores in Alberta, I am well positioned to evaluate Liquor
Barn and its value relative to the price Liquor Stores is offering. I am
convinced that Liquor Barn has significant growth opportunities and the
potential to deliver unitholder returns in excess of those implied by the
offer. I am prepared to sell my units at a fair price, but Liquor Stores has
not yet offered a fair price. What was purported to be an offer valued at
$12.45 is, based on Liquor Stores' June 1st closing price, currently valued at
only $11.41. In effect the enhanced bid is no better than Liquor Stores' first
    Referring to the press release issued on May 31st by Dr. John Mather, the
President, Chief Executive Officer and Director of the general partner of
Liquor Barn Limited Partnership, Mr. Byrne indicated that he shares many of
the concerns outlined in Dr. Mather's statement and supports Dr. Mather's
opposition to the current offer. In particular, Mr. Byrne emphasized that
"this offer is attractive to many of Liquor Barn's founding unitholders
because it will allow them to exchange their subordinated and illiquid Liquor
Barn Subordinated LP Units for freely tradeable and unsubordinated Liquor
Stores units. Therefore, it appears that the interests of these founding
unitholders are not aligned with those of ordinary unitholders such as myself
and their support of the offer should be considered with that in mind."
    Mr. Byrne does not intend to tender his units to the current offer and
urges other unitholders not to tender. Unitholders who wish to discuss the
offer with Mr. Byrne are invited to call him directly at the number provided

For further information:

For further information: Peter J. Byrne, (780) 686-7383

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