Announcements by Hollinger Inc.Business Editors TORONTO--(BUSINESS WIRE)--Jan. 23, 2004 Hollinger Inc. ("Hollinger") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :HLG HLG High Level Group (NATO) HLG Hannibal-Lagrange College (Missouri) HLG Hand Launched Glider HLG Half-Life Guard (anti-cheat for half-life based games) HLG Hawk Logistics Group .C; HLG.PR.B; HLG.PR.C) announced today that its Board of Directors has established a committee of independent directors (the "Independent Committee") comprised of Messrs. Richard Rohmer Major-General (Ret'd) Richard Heath Rohmer (born in 1924) OC, CMM, DFC, KStJ, O.Ont, CD, Officer of the Order of Leopold [OfL] Belg., Chevalier of the Legion of Honor (France) QC, LL. , OC, QC and Gordon Walker, QC, to consider the proposed take-over bid (the "Take-over Bid") expected to be made by Press Holdings International Limited ("PHIL") for all of the issued and outstanding shares of every class of Hollinger. As previously disclosed, Hollinger was informed by its Chairman, Lord Black, that he and Hollinger's controlling shareholder, The Ravelston Corporation Limited Ravelston Corporation Limited is a Canadian holding company that was largely controlled by Conrad Black and business partner David Radler. It held shares in Black's other holding companies, such as Hollinger International, now known as Sun-Times Media Group. ("Ravelston"), had entered into an agreement with PHIL pursuant to which he and Ravelston have agreed to tender, or cause to be tendered, the shares of Hollinger which they own directly and indirectly into the Take-over Bid. The Independent Committee is in the process of engaging a financial advisor and retaining independent legal counsel to assist the Independent Committee in considering the Take-over Bid and making a recommendation to the Board of Directors in respect of same. In response to recent press reports of an Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. inquiry into matters relating to Hollinger, the Board of Directors stated that it will continue to co-operate fully and welcomes this opportunity to address all matters quickly and directly with the Commission. Hollinger's principal asset is its approximately 72.6% voting and 30.3% equity interest in Hollinger International Inc. Hollinger International is a global newspaper publisher with English-language newspapers in the United States Newspapers have declined in their influence and penetration into American households over the years. The U.S. does not have a national paper per se, although the influential dailies the New York Times and the Wall Street Journal are sold in most U.S. cities. , Great Britain, and Israel. Its assets include The Daily Telegraph, The Sunday Telegraph and The Spectator and Apollo magazines in Great Britain, the Chicago Sun-Times and a large number of community newspapers in the Chicago area, The Jerusalem Post and The International Jerusalem Post in Israel, a portfolio of new media investments and a variety of other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. . |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion