Look Communications announces formation of a special committee to
monitor UBS sale process
TORONTO, Nov. 27, 2012 /CNW/ - Look Communications Inc.
("Look") (NEX:LOK.H and LOK.K) announced today that the board of
directors of Look has formed a special committee to monitor the
sale process being undertaken by Unique Broadband Systems, Inc. and
its wholly-owned subsidiary (collectively, "UBS"). Look
understands that, pursuant to a court order issued on November 9, 2012, Duff & Phelps Canada Restructuring Inc., in its
capacity as the monitor of the Companies' Creditors Arrangement Act
("CCAA") proceedings with respect to UBS, has been authorized to
conduct a sale process (the "Sale Process") for UBS's 39.2%
economic interest and 37.6% voting interest in Look.
The special committee is comprised of two
members of the board of Look who are independent of UBS and have no
interest or potential interest in the Sale Process (other than in
their capacity as fiduciaries of Look). Whereas Look has
perceived its interests as aligned on most matters with UBS, it is
recognized that the Sale Process now undertaken by UBS could
potentially result in a divergence of those interests. The
purpose of the committee is to monitor the Sale Process and ensure
that the interests of Look and its non-UBS shareholders are taken
into account, protected and advanced in and by that process.
The committee's mandate includes the power to take any steps on
behalf of Look that the committee deems appropriate to protect the
interests of Look and its shareholders (taken as a whole).
About Look Communications Inc.
Look's shares are listed on the NEX under the
symbols "LOK.H" for Multiple Voting Shares and "LOK.K" for
Subordinate Voting Shares. Look's website may be found at
www.look.ca.
The corporate information contained in this
release includes forward-looking statements regarding future events
and the future performance of Look that involve risks and
uncertainties that could cause actual results to differ materially.
Assumptions used in the preparation of such information, although
considered reasonable by Look at the time of preparation, may prove
to be incorrect. The actual results achieved may vary from the
information provided herein and the variations may be material.
Consequently, there is no representation by Look that actual
results achieved will be the same in whole or in part as those
forecast.
Neither the NEX nor its Regulation Services
Provider (as that term is defined in the policies of the NEX)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE Look Communications Inc.