Art In Motion Income Fund

Art In Motion Income Fund

June 11, 2008 20:46 ET

Art in Motion Income Fund Responds to Announcement of Insider Bid

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2008) - Art in Motion Income Fund (TSX:AIM.UN) ("AIM" or the "Fund") announced today that it has been advised that Clarke Inc. intends to make a formal take-over bid to acquire all of the outstanding units of AIM not already held by it (the "Minority Units") for $0.65 in cash per Minority Unit. Clarke Inc. currently holds approximately 46.84% of the total outstanding units of the Fund and approximately 60.13% of the voting rights attached to all outstanding units of the Fund.

At the request of Clarke Inc., the Board of Trustees of AIM had previously appointed a special committee of independent directors with a mandate to deal with all aspects of a privatization proposal by Clarke Inc. if one were made, to consider whether there are other strategic alternatives that are in the best interests of the Fund and its unitholders, and to supervise the preparation of an independent valuation of the Minority Units. The special committee appointed Bull, Housser & Tupper LLP as its independent counsel and engaged BDO Dunwoody Valuation Inc. to prepare a comprehensive valuation report with respect to the fair market value of the Minority Units. Once it is completed, the valuation report will be included in the bid materials to be sent to the Fund's unitholders in connection with the offer. If appropriate, the Fund will seek alternatives to the offer announced by Clarke Inc. that may provide superior value to the holders of the Minority Units.

Clarke Inc. has said that its formal offer and take-over bid circular will be mailed as soon as possible. The Fund will issue a further press release when additional details are available.

About the Fund

The Fund is an unincorporated, open-ended limited purpose trust established under the laws of British Columbia to hold, indirectly, the securities of Art In Motion Limited Partnership. Art In Motion is a leading global publisher, framer and licensor of images and fine-art reproductions. Art In Motion designs, manufactures and markets fine-art reproductions based on proprietary artwork.

Contact Information

  • Art In Motion Income Fund - Investor information
    Allan Achtemichuk
    Chief Executive Officer
    1-877-AIM-3233 (1-877-246-3233)