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Aliant Reports Final Court Approval of Income Fund Transaction
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Location: Blogs News |
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| Posted by: ITNovaScotia Admin |
Wednesday, June 21, 2006 |
Wednesday, June 21, 2006
Aliant Reports Final Court Approval of Income Fund Transaction
Saint John, NB, June 21, 2006 - Aliant Inc. (TSX: AIT) today announced that it has received final approval from the Nova Scotia Supreme Court of the plan of arrangement to create the new Bell Aliant Regional Communications Income Fund.
On March 7, 2006, Aliant and BCE Inc. announced the creation of a new organization which will combine Aliant's wireline telecommunications operations in Atlantic Canada, information technology operation and other operations with Bell Canada's wireline telecommunications operations in its regional territories in Ontario and Quebec and its indirect 63.4 per cent interest in NorthernTel, Limited Partnership and Telebec, Limited Partnership, to form the Bell Aliant Regional Communications Income Fund. As part of the transaction, Aliant's wireless telecommunications operation and its ownership of DownEast Ltd. will be transferred to Bell Canada. The new trust, which will have 3.4 million local access lines and over 400,000 high-speed Internet subscribers in the Atlantic Provinces, Ontario and Quebec, will be headquartered in Atlantic Canada.
The income trust transaction, which has now received shareholder and court approval, is expected to close early in the third quarter of 2006, subject to regulatory approvals and certain other closing conditions.
About Aliant
Aliant serves customers across Atlantic Canada with innovative and traditional communications services, including local and long distance telephony, wireless, Internet, e-commerce, interactive multimedia, data and managed network services. In addition to serving residential, small-to-medium sized business and enterprise customers in its home market, Aliant also serves business customers located in other parts of North America. Aliant complements its industry-leading telecommunications business with strengths in information technology solutions and knowledge-services applications. Aliant's approximately 8,400 employees build on its 100-plus year history by collaborating to deliver the highest quality of customer service, choice and convenience. Aliant has a market capitalization of approximately $4.5 billion
Forward-looking Statements
This news release contains forward-looking statements concerning anticipated future events, results, circumstances or expectations. These statements are based on management's beliefs regarding future events, many of which, by their nature are inherently uncertain and beyond management's control. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties which are difficult to predict and assumptions which may prove to be inaccurate. One such uncertainty that could cause results or events to differ materially from current expectations is the ability to complete the proposed income trust arrangement and integrate the separate components of the combined business. Please refer to Aliant's Management Information Circular dated April 14, 2006 (Forward-Looking Information on page 39) for a discussion of the key assumptions and risk factors relating to the proposed income trust arrangement. Readers should not place undue reliance on any forward-looking statements.
For more information contact:
Media Relations:
Kelly Gallant
(902) 487-4642
kelly.gallant@aliant.ca
Investor Relations:
Ian Chadsey
(506) 694-2220
ian.chadsey@aliant.ca |
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