TORONTO, March 23 /CNW/ - West Face Capital Inc. announced today that it
had written to James Sardo, chairperson of Countryside Power Income Fund (the
"Fund"), on March 21, to endorse the request of Marret Asset Management Inc.
that two of the Fund's trustees be replaced immediately with the independent
nominees proposed by Marret. West Face advises funds holding in excess of five
percent of the outstanding Units of the Fund.
After the issuance of the Fund's February 9 press release which announced
the repurchase by the Fund of 85% of the Manager's Subordinated Interest in
the Ripon Power assets for over $16 million, West Face had communicated with
Mr. Sardo to express its serious concerns about the transaction. It has not
received a satisfactory response to those concerns.
Given the significance of the pending strategic review, West Face
supports Marret's position that it is imperative that trustees who can act
independently of management be appointed to replace at least two of the three
current trustees immediately.
For further information:
For further information: Anthony Griffin, Partner, West Face Capital
Inc. at (647) 724-8900