TD-Seeks Arctic Glacier Buyer
Arctic Glacier seeks buyer, proposals for fund sell-off
Ticker Symbol: C:AG
Arctic Glacier seeks buyer, proposals for fund sell-off
Arctic Glacier Income Fund (C:AG)
Shares Issued 350,318,387
Last Close AG.UN 2/27/2012
.09
Tuesday February 28 2012 - News Release
Mr. Keith McMahon reports
ARCTIC GLACIER INITIATES SALE AND INVESTOR SOLICITATION PROCESS
A sale and investor solicitation process (SISP) has been initiated with respect to Arctic Glacier Income Fund and its subsidiaries.
TD Securities Inc., financial advisor to Arctic Glacier has commenced contacting prospective strategic and financial partners interested in participating in the SISP. A notice ("Notice") was published yesterday in The Globe & Mail, The Wall Street Journal and The New York Times seeking expressions of interest in connection with a potential sale of all property, assets and businesses of Arctic Glacier, or an equity investment in and recapitalization of the Fund. The Notice was issued pursuant to the terms of the initial order (the "Initial Order") of the Winnipeg Court of Queen's Bench (the "Court"). The full text of the Notice is set out below.
TAKE NOTICE THAT pursuant to an order (the "Order") of the Court of Queen's Bench (Winnipeg Centre) (the "Court") issued on February 22, 2012 under the Companies' Creditors Arrangement Act, the Arctic Glacier Companies obtained Court approval to conduct a sale and investor solicitation process (the "SISP"). Pursuant to the SISP, TD Securities Inc. is soliciting proposals from prospective strategic and financial parties to acquire the property, assets and business of, or to invest in the Arctic Glacier Companies.
The Arctic Glacier Companies are the largest producers and distributors of packaged ice in Canada and the second largest in the United States. The packaged ice is marketed under the "Arctic GlacierAtrademark Premium Ice" brand. The companies service approximately 75,000 customer locations across 6 provinces in Canada and 23 states in the United States, and operate a network of 39 production facilities and 47 distribution centres which are centrally located throughout Canada and the northeastern, central and western United States.
The Order appointed Alvarez & Marsal Canada Inc. as the Monitor of the Arctic Glacier Companies and confirmed TD Securities Inc. as their financial advisor. Interested parties can obtain additional information by contacting TD Securities Inc. at:
TD Securities Inc. Attention Mr. Michael Arblaster 416-982-4720 Email: Michael.arblaster@tdsecurities.com
The timing and procedures governing the sale and investor solicitation process, the terms of participation by prospective purchasers or prospective strategic or financial investors, and the criteria for the submission, evaluation and selection of bids are set out in the Initial Order. Alvarez & Marsal Canada Inc., the Court-appointed monitor in the CCAA proceedings, will supervise the SISP in accordance with the terms of the Initial Order. For further information, please refer to the monitor's website at www.alvarezandmarsal.com/arcticglacier.