MHR fund management announces stake in Telesat


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NEW YORK, Nov. 22, 2021 (GLOBE NEWSWIRE) — MHR Fund Management LLC (“ HRM ”) announced today that it has acquired control of 18,035,092 Class B Units (“ Class B units ”) of Telesat Partnership LP (the “ Partnership ”) in exchange for 18,035,092 shares of Loral Space & Communications Inc. (“ Loral ”) ordinary shares over which he previously exercised control. In addition, Mark H. Rachesky, MD, Founder and President of MHR, acquired ownership of 15,000 Class B Units and 46,136 Class B Variable Voting Shares (“ Class B Shares ”) of Telesat Corporation (the “ Society ”) in exchange for Loral shares previously held by him.

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On November 19, 2021, the Company announced the closing of the previously announced transaction (the “ Transaction ”) with Loral and the Public Sector Pension Investment Board, in which Loral shareholders and other Telesat Canada shareholders exchanged their interests for shares in the Corporation’s new public equity structure. In the transaction, each ordinary share of Loral was converted into the right to receive either one share of the Company or one share of the Partnership.

Prior to the closing of the transaction, neither MHR nor Dr. Rachesky owned any securities of the Company or the Partnership. Immediately following the closing of the transaction, (i) MHR exercised control over 18,035,092 Class B Units, representing approximately 92.9% of the outstanding Class B Units (representing approximately 36.4% of the common shares of Class A Shares, Class B Shares, Class C Voting Common Shares and Class C Limited Voting Common Shares of the Company (collectively, “ Telesat Shares ”) on a fully traded and converted basis), and (ii) Dr. Rachesky held 15,000 Class B Units, representing approximately 0.1% of the outstanding Class B Units and 46,136 Class B Shares, representing approximately 0 .9% of outstanding Class B units. Shares, and together representing approximately 0.1% of the outstanding shares of Telesat on a fully traded and converted basis.

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The securities described in this press release were acquired upon completion of the Transaction. MHR expects to review its interests in the Company and the Partnership on an ongoing basis and as part of this ongoing review, plans to evaluate various alternatives that are or may become available with respect to the Company, the Partnership and their respective securities. . MHR may from time to time and at any time, in its sole discretion, acquire or cause to be acquired additional equity or debt securities or other instruments of the Company, the Partnership or their respective subsidiaries or affiliates, or dispose or cause to be acquired transferred, such equity or debt securities or instruments, or enter into derivative or other transactions relating to such equity or debt securities or instruments, for such amount as MHR may determine in its sole discretion, through open market transactions, privately negotiated transactions or otherwise . After the six (6) month anniversary of the closing of the transaction, holders of Class B Units may, from time to time and at any time, at their sole discretion, convert all or part of their Class B Units B shares in Class B shares. These transactions may depend on a variety of factors, including, without limitation, the trading prices and liquidity of the securities in question, the financial condition, results of operations and prospects of the Company and any of its subsidiaries or affiliates, other investment opportunities, MHR’s trading policies and liquidity and general economic, financial, market and industry conditions or other factors.

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A report on Form 62-103A1 – Information Required Under Early Warning Requirements Under Section 3.1 of NI 62-103 is filed by MHR in accordance with applicable Canadian securities laws and will be available under of the Company and the Partnership to http://www.sedar.com . The head office of the Partnership and the Partnership is located at 160 Elgin Street, Ottawa, Ontario K2P 2P7, Canada. MHR’s address is 1345 Avenue of the Americas, 42nd Floor, New York, New York 10105, USA.

FOR MORE INFORMATION

For more information or to receive a copy of the report filed in connection with this press release, please see Telesat’s profile on the SEDAR website (http://www.sedar.com) or contact Charles Zehren at 212- 843-8590 or [email protected]

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