OAKVILLE, ON, June 27 /PRNewswire-FirstCall/ -- The Independent Liquidity Committee of the Board of Directors ("Board") of AirSource Power Fund GP Inc., general partner of AirSource Power Fund I LP ("AirSource"), confirms it continues to support the offer by Algonquin Power Income Fund ("Algonquin") to indirectly acquire the outstanding units of AirSource ("Units"). Pursuant to the offer, a limited partnership affiliated with Algonquin has offered one Exchangeable Unit for each Unit. Each Exchangeable Unit is exchangeable for 0.9808 units of Algonquin.
As permitted by the Support Agreement between AirSource and Algonquin, the Independent Liquidity Committee, with the assistance of its financial advisors, has been engaged in discussions with several interested potential bidders but, to date, no other formal offers to acquire the Units have been received. Accordingly the Board continues to recommend that AirSource unitholders accept the Algonquin offer and tender their Units.
The Algonquin bid is open for acceptance until 5:00 p.m. (Toronto time) on June 29, 2006. AirSource unitholders who accept Exchangeable Units under the Algonquin offer by this deadline are entitled to receive a distribution equivalent to the distribution to which holders of record of Algonquin units as of June 30, 2006 are entitled to receive. AirSource unitholders who accept Algonquin units will be considered unitholders of record as of June 30, 2006 and will receive an Algonquin distribution for the month of June. Unitholders of record as of June 30 will be paid distributions on August 15 and the amount of the distribution will be $0.0766 per unit.
About AirSource Power Fund I LP
AirSource Power Fund I LP is a limited partnership established to invest in wind energy. AirSource and its affiliates have constructed St. Leon Wind Energy, comprised of 63 1.65 megawatt turbines totalling approximately 99 megawatts of installed capacity located near the Town of St. Leon, Manitoba. The facility is the first wind farm in the province of Manitoba, and one of the largest wind turbine farms in Canada to date. For further information, please visit http://www.airsourcepower.com/.
About Algonquin Power Income Fund
Algonquin Power Income Fund is an open-ended investment trust that owns and has interests in a diverse portfolio of power generating and infrastructure assets across North America, including 48 hydroelectric facilities, five natural gas-fired cogeneration facilities, 18 alternative fuels facilities and 15 water reclamation and distribution facilities. Algonquin Power Income Fund was established in 1997 to provide unitholders with sustainable, highly stable and growing cash flows through a diversified portfolio of energy and infrastructure assets. Algonquin Power Income Fund's units and convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN & APF.DB respectively, and units are included in the S&P/TSX Composite Index. More information about Algonquin Power Income Fund can be found at http://www.algonquinpower.com/.
© 2006 PR Newswire
