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Aecon and Lockerbie Announce Exchange Ratio and Remind Lockerbie Shareholders of Deadlines

Mar 27, 2009

Toronto, Ontario and Edmonton, Alberta – March 27, 2009:  Aecon Group Inc. ("Aecon") (TSX:ARE) and Lockerbie & Hole Inc. ("Lockerbie") (TSX:LH) today announced that the exchange ratio for Aecon's acquisition of Lockerbie, being the fraction of an Aecon share to be issued under the arrangement for each Lockerbie share, is 0.8672. 

Aecon and Lockerbie also wish to remind Lockerbie shareholders that the deadline for receipt by Valiant Trust Company of (i) proxies for voting at the Lockerbie shareholder meeting to be held on March 31 to consider the arrangement is March 27 at 9:00 a.m. (Calgary time) and (ii) letter of transmittal and election forms to elect the type of consideration to be received under the arrangement is March 30 at 4:30 p.m. (Calgary time).  Lockerbie shareholders who hold their Lockerbie shares in a brokerage account and have not yet provided instructions to their broker regarding the type of consideration they wish to receive should do so as soon as possible and, in any event, before March 30 at 4:30 p.m. (Calgary time).

Closing of the arrangement is scheduled for April 1, 2009, with closing being subject to approval of Lockerbie’s shareholders, court approval, regulatory approvals and certain other conditions.

About Aecon

Aecon Group Inc. is Canada’s largest publicly traded construction and infrastructure development company. Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and on a selected basis internationally. Aecon is pleased to be recognized as one of the 10 Best Employers in Canada as published by Report on Business Magazine, as well as one of the Top 100 Employers in Canada as published in Maclean’s Magazine.

About Lockerbie

Lockerbie was founded in 1898 and is one of the largest mechanical construction contractors in Canada.  Lockerbie is a multi-disciplined contractor providing mechanical, electrical, instrumentation, pipe fabrication, module assembly, boiler erection, insulation and civil construction services primarily to the oilsands, mining, institutional, municipal and commercial market sectors.  Lockerbie is headquartered in Edmonton, Alberta.