Fording Canadian Coal Trust Announces Formation of Independent Committees
06 Dicembre 2007 - 2:10AM
Marketwired
CALGARY, ALBERTA (NYSE: FDG) today announced that its Trustees
have formed an independent committee to explore and make
recommendations regarding strategic alternatives that may be
available to the Trust to maximize value for its unitholders.
Fording (GP) ULC, a wholly owned subsidiary of the Trust, has
concurrently formed an independent committee of its Board of
Directors with a similar mandate.
The independent committees have been given a broad mandate to
consider a wide range of alternatives including an acquisition of
all of the Trust's outstanding units by a third party, a sale of
its assets, including its interest in the Elk Valley Coal
Partnership, a combination, reorganization or similar form of
transaction, or continuing with its current business plan.
The independent committees have been given the authority to
discuss possible transactions with interested parties and to make
recommendations in that regard to the Trustees and Directors.
RBC Capital Markets has been engaged by the independent
committees to assist them in their review.
The Trustees and Board believe that this initiative is timely,
particularly given the pending change in the taxable status of
income trusts in 2011 and continuing consolidation in the trust
sector as well as in the metals and mining sector.
Unitholders are cautioned that there can be no assurance that
the independent committees will make any recommendation regarding a
potential transaction or other strategic initiative and may
recommend that no action be taken at this time. Further, in the
event that the independent committees do make a recommendation to
the Trustees and the Board, there can be no assurance that such
recommendation will be implemented.
Fording anticipates it will make no further announcements
regarding the strategic review unless and until the Trustees
determine disclosure of a material change is required.
About Fording
Fording Canadian Coal Trust is an open-ended mutual fund trust
and one of the largest royalty trusts in Canada. The Trust makes
quarterly distributions to unitholders using royalties received
from its 60% interest in the metallurgical coal operations of the
Elk Valley Coal Partnership. The Elk Valley Coal Partnership is the
world's second largest exporter of metallurgical coal, supplying
high-quality coal products to the international steel industry. The
Trust's shares are traded on the Toronto Stock Exchange under the
ticker symbol FDG.UN and on the New York Stock Exchange under the
symbol FDG.
Contacts: Fording Canadian Coal Trust Colin Petryk Director,
Investor Relations (403) 260-9823 Fording Canadian Coal Trust
Catherine Hart Senior Investor Relations Analyst (403) 260-9817
Email: investors@fording.ca Website: www.fording.ca
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