TORONTO – The unitholders of CanWest MediaWorks Income Fund voted in favour of the special resolution approving the privatization of the Fund, it was announced today by the Fund and CanWest Global Communications, according to a press release issued today.
At a special meeting held this morning, the privatization was approved by 99.06% of the votes cast by the Fund’s unitholders of record on May 31, 2007 in accordance with the Fund’s declaration of trust and by 99.05% of the votes cast by the Fund’s unitholders (other than CanWest Global Communications Corp. and its related parties) in accordance with applicable securities laws.
Completion of the privatization remains subject to the satisfaction or waiver of certain conditions specified in the privatization agreement dated May 25, 2007 between CanWest MediaWorks Inc., CWMW Trust, CanWest MediaWorks (Canada) Inc., CanWest MediaWorks Limited Partnership, and the Fund. The Fund anticipates that the privatization will be completed on or about July 10, 2007 and that all of the Fund’s units will be redeemed on or about July 12, 2007.
As previously announced on June 19, 2007, the Fund’s Board of Trustees has approved a cash distribution of $0.0771 per unit for the month of June 2007 to unitholders of record as of the close of business on June 29, 2007. This distribution will be paid on July 12, 2007 if all of the conditions to completion of the privatization of the Fund are satisfied or waived and the privatization is implemented as currently anticipated. If the privatization is not completed by July 12, 2007, then the distribution will be paid on July 13, 2007.
The Fund’s primary assets are CanWest’s newspaper chain, including such titles as The National Post, Montreal Gazette and Vancouver Province, among many others.
