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Amtelecom Income Fund increases offer to Acquire People's Communications Inc.
8 January 2006 Amtelecom Income Fund (the "Fund" or "Amtelecom") (TSX:AMT.UN) and People's Communications Inc. ("People's") jointly announced today that Amtelecom has increased its offer to acquire People's to $53.00 per People's Share. The increased offer is as a result of an unsolicited third party offer received by People's to purchase all of the People's outstanding shares. Under the terms of the arrangement agreement between Amtelecom and People's, Amtelecom has the right to match any offer that is made to People's. Mr. William Vandenberg, President and Chief Executive Officer of People's stated, "This improved offer represents attractive value for our shareholders and the transaction with Amtelecom continues to benefit subscribers by creating a stronger, more diversified telecommunications company. The People's board has determined that the Amtelecom transaction is in the best interests of People's and its shareholders and reaffirms its unanimous recommendation that the People's shareholders vote in favour of the transaction." Mr. Michael J. Andrews, Amtelecom's President and Chief Executive Officer, commented, "Our increased offer confirms our continued support of the People's business and the transaction. The transaction with People's allows us to achieve our growth strategy and continues to be accretive to cash available for distribution." Approval of the combination with Amtelecom is subject to the approval of People's shareholders. A meeting of the People's shareholders will be held on January 17, 2006 at the North Lambton Secondary School, 15 George Street in Forest, Ontario. The resolution to be put to the People's shareholders requires the approval of two-thirds of the shareholders present at the meeting, in person or by proxy. The transaction is expected to close on or about January 24, 2006. About Amtelecom Income Fund Amtelecom Income Fund is an unincorporated, open-ended, limited purpose trust established under the laws of the Province of Ontario created to hold all of the common shares and notes of Amtelecom Communications Inc. and its acquired operating subsidiaries (collectively "Amtelecom Communications"). Amtelecom Communications is the local telephone service provider to several communities in southwestern and central Ontario, currently providing services through approximately 21,700 residential and business access lines. Amtelecom Communications also provides cable television service to approximately 9,000 subscribers and Internet services to approximately 7,000 subscribers in certain of its territories. About People's Communications Inc. People's Communications is an independent, local provider of integrated telecommunications services. People's Telephone, a wholly owned subsidiary, provides local and long distance telephone service in Forest, Ontario through approximately 5,200 residential and business access lines. People's also provides Internet and data services through its wholly-owned subsidiary, Xcelco Internet Services, to approximately 4,650 subscribers. In addition, People's provides integrator services including business phone system sales and installation, data wiring and fibre optic cabling through its wholly-owned subsidiary, Interlink Telecommunications, to a diverse group of customers that includes key customers in the petro-chemical industry. Forward Looking Statements Certain statements in this press release are forward-looking and are subject to important risks and uncertainties. The results or events expressed or implied in these statements may differ materially from actual results or events. Further information can be found in the disclosure documents filed by Amtelecom Income Fund with the securities regulatory authorities, available at www.sedar.com. %SEDAR: 00018932E
For further information: Michael J. Andrews, President & Chief Executive Officer, Amtelecom Income Fund, (519) 773-1237, mandrews@amtelecom.ca; David Bronicheski, Chief Financial Officer, Amtelecom Income Fund, (519) 773-1282, dbronicheski@amtelecom.ca; William Vandenberg, President and Chief Executive Officer, People's Communications Inc., (519) 786-6700; Kingsdale Shareholder Services Inc., 1-866-833-6980
Source: newswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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