RICHMOND, BC, Aug. 29 /CNW/ - IAT Air Cargo Facilities Income Fund (the
"Fund") (TSX: ACF.UN) announces that earlier today FrontFour Holdings Inc.
("FrontFour") released a news release disclosing the following:
"FrontFour Holdings Inc. ("FrontFour") is pleased to announce that it has
taken up and agreed to pay for all 2,415,553 units of IAT Air Cargo
Facilities Income Fund (the "Fund") deposited to its offer dated June 24,
2008 to purchase for cash 2,801,184 units ("Units") of the Fund (the
"Offer"). The 2,415,553 Units validly deposited to the Offer and not
withdrawn by Fund unitholders prior to the take up by FrontFour on August
29, 2008 represent approximately 34.7% of the outstanding Units of the
Fund, or approximately 38.4% of the Units outstanding that were not
already owned by FrontFour and its affiliates prior to the take up. All
conditions to the Offer have been satisfied or waived.
Following take-up of the 2,415,553 Units, FrontFour and its affiliates
beneficially own a total of approximately 3,098,653 Units or
approximately 44.5% of the outstanding Units of the Fund."
FrontFour Holdings Inc. is a British Columbia company that is a wholly
owned subsidiary of FrontFour Capital Group LLC, a privately owned hedge fund
management company based in Stamford, Connecticut.
The Fund is a limited purpose trust that owns all of the shares of IAT,
which owns and leases air cargo and aviation related buildings at Canadian
airports in Vancouver, Calgary, Edmonton, Saskatoon and Winnipeg. The Fund and
IAT specialize in the ownership, construction, management and marketing of
aviation-related facilities. IAT currently owns and manages approximately
1.1 million square feet of air cargo and aviation related facilities at five
of Canada's leading international airports. Approximately 65% of the Fund and
IAT's holdings are located at Vancouver International Airport, Canada's second
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: Robert J. Mair, Chairman, IAT Air
Cargo Facilities Income Fund, Telephone (604) 685-3456