Premier Rodney MacDonald joined staff and residents of L’Arche Cape Breton today, Sept. 29, to celebrate their high-speed connection to the Internet. The event in Orangedale, Inverness Co., was another milestone for the province’s $75-million Broadband for Rural Nova Scotia initiative that promises 100 per cent high-speed access to all Nova Scotians by the end of 2009. “We are celebrating Orangedale as the first area in Cape Breton to experience the benefits of high-speed through this initiative that connects rural Nova Scotia quickly and economically to the world,” said Premier MacDonald. “By making this important service available, we are encouraging people to build careers, raise their families and enjoy the advantages of living in rural Nova Scotia.” L’Arche Cape Breton is part of an international program creating homes and jobs for people who have developmental disabilities. The Cape Breton location is the only rural member of the L’Arche organization in Canada. “Our organization is now able to communicate more efficiently and effectively within its partner communities worldwide,” said Jenn Power, executive director of L’Arche Cape Breton. “We attract international staff who now have high-speed connections for research, as well as the ability to communicate with colleagues and family around the world.” Seaside Communications won the contract to provide high-speed access in northeastern Nova Scotia and Cape Breton. When its network is completed, the company will be providing upwards of 39,000 civic addresses with the opportunity to subscribe to high-speed. “We are pleased to partner with the province to help provide this service in our region,” said Irving Schwartz, president of Seaside Communications. “Orangedale is the first of hundreds of sites in our coverage area that we are pleased to connect as a result of rigourous planning.” The Broadband for Rural Nova Scotia initiative will give our Nova Scotia schools, businesses and families the opportunity to connect and compete worldwide. It is being cost shared by the provincial and federal governments and high-speed service providers.
MONTREAL — Tembec’s largest shareholder says it will vote against the sale of the forestry company to Rayonier Advanced Materials unless the offer price is raised.In an open letter to shareholders sent Friday, Oaktree Capital Management says Tembec’s shareholders are not receiving a fair value.Tembec shareholders (TSX:TMB) are being offered C$4.05 in cash or 0.2302 of a share in Rayonier Advanced Materials, subject to a cap on the total amount of cash and shares that will be issued.The friendly offer is 37 per cent above where Tembec’s shares traded before the offer, however it lags the $4.21 the shares traded for Friday on the Toronto Stock Exchange.Oaktree holds a 19.9 per cent stake in Tembec.Patrick McCaney, Oaktree’s managing director and portfolio manager, says if the offer is not raised, Tembec (TSX:TMB) shareholders would be better off to remain independent.He adds that Florida-based Rayonier is the big winner because it faces a challenging future unless it is able to add Tembec to reposition its business away from the declining acetate market.Tembec declined to comment while Rayonier couldn’t be reached for comment.Meanwhile, proxy advisory firm Institutional Shareholder Services recommended Friday that Tembec shareholder approve the deal at a vote on July 27. It says the deal has “sound strategic rationale” and gives shareholders the flexibility of receiving cash or Rayonier shares.