Tomorrow, June 1/99, Aliant will start trading and Bruncor will be delisted.
TORONTO STOCK EXCHANGE - BRUNCOR INC. - ISLAND TELECOM INC. - MARITIME TELEGRAPH AND
TELEPHONE COMPANY, LIMITED - NEWTEL ENTERPRISES LIMITED - ALIANT INC. - TSE Bulletin 99-0674;
Bruncor, Island Telecom, Maritime Telegraph, and NewTel, Combination by Amalgamation and Plan of
Arrangement [135]
Canadian Market News from Market News Publishing, Monday, May 31, 1999 at 09:27
Subject to completion of the proposed combination by Amalgamation
involving Bruncor Inc. ("Bruncor") (Symbol: BRR), NewTel Enterprises
Limited ("NewTel") (Symbol: NEL), and Island Telecom Inc. ("Island")
(Symbol: IT) and by Plan of Arrangement involving Maritime Telegraph and
Telephone Company, Limited ("Maritime") (Symbol: MTT) to form the company
that will be called Aliant Inc. ("Aliant"), which combination is expected
to become effective on Monday, May 31, 1999, the common shares of Aliant
will be listed at the opening on Tuesday, June 1, 1999, at which time the
common shares of Bruncor, NewTel, Island, and Maritime will be halted and
then delisted at the close of trading on that day.
Stock Symbol: AIT; CUSIP: 01609F 10 9 Designated
Market Maker: D. Mowatt
Merrill Lynch Canada Inc.
Transfer Agent & Registrar:
CIBC Mellon Trust Company at its principal offices in Toronto,
Halifax, Montreal, Winnipeg, Regina, Calgary and Vancouver and at its
co-transfer offices in St. John's, Saint John and Charlottetown.
Pursuant to the Combination, the following share exchanges will occur
for each holder of common shares of Bruncor, NewTel, Island, and Maritime
respectively:
i) each Bruncor common share will be exchanged for 1.011 Aliant common
shares;
ii) each NewTel common share will be exchanged for 1.567 Aliant common
shares;
iii) each Island common share will be exchanged for 1.000 Aliant common
shares; and
iv) each Maritime common share will be exchanged for 1.667 Aliant common
shares.
Fractional common shares of Aliant will not be issued pursuant to the
above share exchanges and any fractional entitlements will be paid by
cheque for the value of any fractional share in an amount determined on the
basis that each Aliant common share has a value equal to the
volume-weighted average price of the Aliant common shares on The Toronto
Stock Exchange on the first five trading days on which such shares trade on
such exchange immediately following May 31, 1999.
It is anticipated that Letters of Transmittal will be mailed to
shareholders of Bruncor, NewTel, Island, and Maritime on or about May 31,
1999 requesting them to deliver their share certificates representing
common shares of Bruncor, NewTel, Island, and Maritime to CIBC Mellon Trust
Company at its principal office in Toronto, or by hand or courier only, in
Halifax, Montreal, Winnipeg, Regina, Calgary, Vancouver, St. John's, Saint
John or Charlottetown in order to receive the Aliant common shares (and, if
applicable a cheque in respect of any fractional share interest) to which
they are entitled.
TEL: (416) 947-4700 Toronto Stock Exchange
FAX: (416) 947-4270 Marketing And Communications
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