TORONTO, Jan. 11, 2013 /CNW/ - Look Communications Inc. ("Look") (NEX:
LOK.H and LOK.K) today responded to the announcement on January 8, 2013
by NWT Uranium Corp. ("NWT") that the board of directors of its wholly
owned subsidiary, Niketo Ltd. ("Niketo"), has resolved to make an all
cash offer (the "NWT Offer") to acquire 33,260,968 multiple voting
shares (or such number that will result in Niketo acquiring a voting
interest of 49.9%) of Look at a price of $0.125 per share. The offer
has not yet been received by Look and Look's shareholders are advised
to take no action at this time. Look's board of directors, in
accordance with its fiduciary duties and with counsel from its legal
advisers, will fulfill its legal responsibility and will evaluate any
formal offer and will recommend a course of action that is in the best
interests of Look and its stakeholders.
As a result of the NWT Offer, as well as certain other unsolicited
non-binding acquisition proposals that Look has received following the
announcement by Look on December 18, 2012 that it entered into a
support agreement (the "Support Agreement") with Messrs. Robert Ulicki
and Jeffrey Gavarkovs (collectively, the "Bidders") whereby the Bidders
have agreed to make an all cash offer (the "Ulicki Offer") to acquire
multiple voting shares of Look at a price of $0.11 per share, Look has
agreed with the Bidders to extend the deadline for commencing the
Ulicki Offer to a date following January 21, 2013 to be determined by
the Bidders and/or Look. The Support Agreement otherwise remains in
full force and effect, unamended.
The board of directors of Look is not making any recommendation to
shareholders with respect to the Ulicki Offer, the NWT Offer or any
other acquisition proposal at this time. However, as previously
announced, the board of directors, based on the recommendation of a
special committee of independent directors of Look, has determined that
the Support Agreement is in the best interests of Look and that the
board will not make a negative recommendation to shareholders in
relation to the Ulicki Offer. The board of directors will continue to
evaluate the Ulicki Offer, the NWT Offer and any other acquisition
proposal that Look receives in light of all available alternatives.
There can be no assurance that the Ulicki Offer, the NWT Offer or any
other transaction involving Look will completed as proposed, or at all.
About Look Communications Inc.
Look's shares are listed on the NEX under the symbols "LOK.H" for
Multiple Voting Shares and "LOK.K" for Subordinate Voting Shares.
Look's website may be found at www.look.ca.
The information contained in this release includes forward-looking
statements regarding future events and the future performance of Look
that involve risks and uncertainties that could cause actual results to
differ materially. Assumptions used in the preparation of such
information, although considered reasonable by Look at the time of
preparation, may prove to be incorrect. The actual results achieved may
vary from the information provided herein and the variations may be
material. Consequently, there is no representation by Look that actual
results achieved will be the same in whole or in part as those
Neither the NEX nor its Regulation Services Provider (as that term is
defined in the policies of the NEX) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE: Look Communications Inc.