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Concerned Unitholders of Arctic Glacier Income Fund Requisition a Meeting of Unitholders to Elect a New Board of Trustees

^{Published on 2011-08-25 13:56:20 - Market Wire}
 

TORONTO, Aug. 25, 2011 /CNW/ - Significant unitholders of Arctic Glacier Income Fund (TSX: AG.UN) ("Arctic Glacier" or the "Fund"), including Coliseum Capital Partners, L.P. and Talamod Master Fund, LP (collectively, the "Concerned Unitholders") who collectively control units in excess of the 10% minimum threshold required by the Fund's Declaration of Trust, today announced that they have requisitioned a meeting of unitholders (the "Meeting") in order to allow the Fund's unitholders to vote in favour of a resolution to replace the current board of trustees of the Fund and the board of directors of Arctic Glacier Inc.

The Concerned Unitholders have requested that the Fund convene the Meeting on an expedited basis and at the earliest possible date and, in any case, by no later than September 30, 2011, in view of (among other things) the Fund's failure to call its regular annual meeting of unitholders within the timeframe required by the Fund's Declaration of Trust and the fact that as a result of the Fund's recent conversion of its convertible debentures into units, the current board of trustees was elected with the support of less than 12% of the current outstanding units. 

The Concerned Unitholders have in the past expressed their willingness to sponsor, on behalf of all unitholders, a financial solution for the Fund.  The Concerned Unitholders have also attempted on multiple occasions to engage in a meaningful dialogue with the board of trustees and management regarding the Fund's affairs and have not received satisfactory responses to their requests.  The Concerned Unitholders strongly believe that, without a material change to the current board of trustees, the stakeholders' investment could be at risk.

Pending the Meeting, the Concerned Unitholders have also asked the board and management of Arctic Glacier to take no actions that commit Arctic Glacier to an outcome that could impair the value of the Fund and the investments of stakeholders, including unitholders.

The Concerned Unitholders intend to file a dissident proxy circular containing background information with respect to the Concerned Unitholders' trustee nominees and nominees for the Board of Arctic Glacier Inc. and detailed reasons in support of the Concerned Unitholders' position well in advance of the meeting.  This news release does not constitute a solicitation of proxies.