Thursday, December 11, 2003
Aliant announces receipt of approvals for the completion of sale of common shares of Stratos Global Corporation
SAINT JOHN, NB, December 11, 2003 -
Aliant Inc. (TSX:AIT) announced today that it has received the necessary U.S. Federal Communications Commission and state approvals and all other approval conditions have been satisfied for the transfer of Common Shares of Stratos Global Corporation to holders of Aliant’s Subscription Receipts. As previously announced, on October 6, 2003, Aliant had sold 26,141,024 Subscription Receipts, each of which entitles the holder to acquire one Common Share of Stratos. The Subscription Receipts were sold to a syndicate of underwriters led by RBC Capital Markets at a price of $13.00 per Subscription Receipt. The purchase price for the Subscription Receipts was payable on an instalment basis and the first instalment of $6.50 was paid on October 6, 2003. The final instalment of $6.50 is due at 4:00 p.m. (local time at place of payment) on December 29, 2003. Since the instalment receipts are traded through the book-entry only system of The Canadian Depository for Securities Limited, holders need to contact their broker to make arrangements to pay the Final Instalment.
Pursuant to the terms of the instalment receipt agreement, if payment of the final instalment is not duly received in full from a holder of instalment receipts when due, the Common Shares of Stratos which are held as security under the instalment receipt agreement may, at the option of Aliant and to the extent permitted by law, be reacquired by Aliant in satisfaction of all obligations of a holder of the instalment receipts or may be liquidated with the holder remaining liable for any deficiency. It is expected that the instalment receipts (representing the Subscription Receipts) will be delisted from the Toronto Stock Exchange at the close of trading on or about December 29, 2003.
Aliant Inc. (TSX: AIT), a multi-faceted communications company, is an acknowledged leader in the provision of a wide variety of traditional and innovative communications services, focused primarily on its home market of Atlantic Canada. From its offices in New Brunswick, Newfoundland & Labrador, Nova Scotia and Prince Edward Island, Aliant offers a full range of services, including local and long-distance telephone, wireless, Internet, e-commerce, interactive multimedia, data and managed network services to more than two million consumers and over 80,000 enterprises. Aliant complements its industry-leading telecommunications business with strengths in advanced systems and technology solutions and also knowledge-services applications. Aliant is a TSX 100 company with a market capitalization of approximately $4 billion. More information about Aliant may be found by visiting www.aliant.ca
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