Hollinger Inc.

Hollinger Inc.

February 28, 2005 10:10 ET

Hollinger Inc. Independent Directors Seek Guidance From Court




FEBRUARY 28, 2005 - 10:10 ET

Hollinger Inc. Independent Directors Seek Guidance
From Court

TORONTO, ONTARIO--(CCNMatthews - Feb. 28, 2005) - Hollinger Inc.
("Hollinger") (TSX:HLG.C)(TSX:HLG.PR.B) announced that the independent
members of its Board of Directors had applied to Justice Colin Campbell
of the Ontario Superior Court of Justice for:

- advice and directions whether in all the circumstances a proposed
share consolidation "Going Private Transaction" should be put to a vote
by minority public shareholders of Hollinger before an Inspector's
Report is available from Ernst & Young LLP dealing with related party

- an order approving an increase of $10 million to the indemnity fund to
provide the five independent directors with a realistic measure of
protection against the costs of potential and threatened litigation;

- an order approving setting aside $500,000 as an indemnity fund to
provide two Hollinger financial executives with protection against the
costs of potential litigation; and

- an order relating to the retention of the independent directors and
certain related compensation and indemnification matters.

The application has been made because of matters arising as a result of
Hollinger recently having given notice to Canadian securities regulators
of a proposed special meeting of shareholders that would be held on
March 31, 2005 to consider the proposed Going Private Transaction which
was originally announced on October 28, 2004. Notice of the meeting must
be sent to shareholders no later than March 10, 2005. The directors have
been advised by the Inspector that the Inspector's Report will not be
available by that date or by March 31, 2005.

Hollinger's principal asset is its interest in Hollinger International
Inc. which is a newspaper publisher, the assets of which include the
Chicago Sun-Times, a large number of community newspapers in the Chicago
area and a number of news media investments, as well as a portfolio of
revenue-producing and other commercial real estate in Canada, including
its head office building located at 10 Toronto Street, Toronto, Ontario.


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