Friday, November 03, 2006
Update on Bell Aliant's proposed transaction to take Bell Nordiq Income Fund private
Bell Nordiq Income Fund Stock Symbol: TSX - BNQ.UNMontréal (Québec), November 3, 2006
— Bell Nordiq Group Inc. announced today that Bell Aliant issued a press release earlier today indicating that it is currently examining its previously announced proposal to take Bell Nordiq Income Fund private, in light of the Federal Government's October 31, 2006 announcement concerning changes to the taxation of publicly traded income trusts and market reaction to that announcement.
In its press release, Bell Aliant stated that management believes that the strategic rationale which supported the proposed transaction remains. However, Bell Aliant management further believes that it is necessary to evaluate the implications of this unexpected development for the value and other terms of the Bell Aliant original proposal.
Bell Aliant also indicated that they will issue a further press release as soon as possible regarding these matters. Bell Nordiq Group is monitoring the events closely and will issue a release should there be any new developments.
About Bell Nordiq Group Inc.
Bell Nordiq Group Inc. holds a 63.3% interest in and is the general partner of both Télébec and NorthernTel. Bell Nordiq Group Inc. manages the business and affairs of Télébec and NorthernTel, as well as those of Bell Nordiq Income Fund and Bell Nordiq Trust. Bell Aliant Regional Communications Income Fund indirectly owns 100% of the common shares of Bell Nordiq Group Inc.About Bell Nordiq Income Fund
Bell Nordiq Income Fund is an unincorporated limited purpose trust created to indirectly acquire and hold the outstanding partnership units of Télébec and NorthernTel. Currently, the Fund indirectly holds a 36.7% interest in both Télébec and NorthernTel, while Bell Aliant Regional Communications Income Fund, indirectly through Bell Nordiq Group Inc., holds the remaining 63.3%. More information on Bell Nordiq Income Fund may be found at www.bellnordiq.caFor further information:
John R. Ripplinger