TORONTO – Look Communication’s shareholders voted “overwhelmingly” in support of a plan to sell some or all of its key assets.
Approximately 94% of voters approved the sales process and arrangement resolutions, the press release said. The resolutions required the support of 66 2/3 per cent of Look’s shareholders. As reported by Cartt.ca, Look received Court approval last month to hold a “special meeting of shareholders” to seek approval of the sale.
"We believe our assets should be broken up to realize their maximum value. Through the sales process, it is possible that we could see a series of transactions involving smaller portions of some of our larger assets,” said Gerald McGoey, Look’s vice chairman and CEO, in the release.
“As new entrants develop their service offerings, we believe they will need more equity, more capital, more spectrum and more network facilities and our Plan of Arrangement process could make Look one of their possible solutions for all four of these needs."
Look’s key assets include approximately 100MHz of contiguous licensed spectrum in Ontario and Quebec covering approximately 18 million people; a mobile broadcast license which has been renewed by the CRTC to August 2011; approximately 30,000 broadcast and Internet subscribers; two network operating centers (Toronto and Montreal) plus 26 one-way broadcast sites and 10 two-way broadcast sites; and approximately $300 million in tax attributes.
The company said it would consider cash, debt, convertible equity, common equity or any combination in exchange for its assets.
