Look Communications Inc. Responds to NWT Uranium Corp. Announcement
that it Will Make an Offer to Acquire Shares of Look Communications
TORONTO,
Jan. 11, 2013 /CNW/ - Look
Communications Inc. ("Look") (NEX: LOK.H and LOK.K) today responded
to the announcement on January 8,
2013 by NWT Uranium Corp. ("NWT") that the board of
directors of its wholly owned subsidiary, Niketo Ltd. ("Niketo"),
has resolved to make an all cash offer (the "NWT Offer") to acquire
33,260,968 multiple voting shares (or such number that will result
in Niketo acquiring a voting interest of 49.9%) of Look at a price
of $0.125 per share. The offer
has not yet been received by Look and Look's shareholders are
advised to take no action at this time. Look's board of directors,
in accordance with its fiduciary duties and with counsel from its
legal advisers, will fulfill its legal responsibility and will
evaluate any formal offer and will recommend a course of action
that is in the best interests of Look and its stakeholders.
As a result of the NWT Offer, as well as certain
other unsolicited non-binding acquisition proposals that Look has
received following the announcement by Look on December 18, 2012 that it entered into a support
agreement (the "Support Agreement") with Messrs. Robert Ulicki and Jeffrey Gavarkovs (collectively, the "Bidders")
whereby the Bidders have agreed to make an all cash offer (the
"Ulicki Offer") to acquire multiple voting shares of Look at a
price of $0.11 per share, Look has
agreed with the Bidders to extend the deadline for commencing the
Ulicki Offer to a date following January 21,
2013 to be determined by the Bidders and/or Look. The
Support Agreement otherwise remains in full force and effect,
unamended.
The board of directors of Look is not making any
recommendation to shareholders with respect to the Ulicki Offer,
the NWT Offer or any other acquisition proposal at this time.
However, as previously announced, the board of directors, based on
the recommendation of a special committee of independent directors
of Look, has determined that the Support Agreement is in the best
interests of Look and that the board will not make a negative
recommendation to shareholders in relation to the Ulicki
Offer. The board of directors will continue to evaluate the
Ulicki Offer, the NWT Offer and any other acquisition proposal that
Look receives in light of all available alternatives. There
can be no assurance that the Ulicki Offer, the NWT Offer or any
other transaction involving Look will completed as proposed, or at
all.
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 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.