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WISCONSIN CENTRAL TRANSPORTATION CORPORATION
--------------------------------------------
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<PAGE>
WISCONSIN CENTRAL TRANSPORTATION CORPORATION
Reports Proxy Monitor Services Recommends Stockholders
Reject Burkhardt Group's Attempt to Seize Control,
And Continues Efforts to Maximize Value
ROSEMONT, Ill. -- December 12, 2000 -- (Nasdaq:WCLX): Wisconsin Central
Transportation Corporation ("WCTC") reported today that Proxy Monitor Services,
a leading proxy voting advisory service, recommends its clients vote AGAINST the
attempt by a group of dissidents led by Edward A. Burkhardt (the "Burkhardt
group") to replace the WCTC board with its own nominees.
Thomas F. Power, Jr., WCTC President and Chief Executive Officer, stated:
"We are pleased another neutral observer is recommending WCTC stockholders
reject the Burkhardt group's efforts to seize control of the company, consistent
with the same recommendation last week from Institutional Shareholder Services.
These recommendations follow our earlier announcement that the State of
Wisconsin Investment Board, which owns approximately 9.8 percent of WCTC common
stock, supports the current WCTC directors and is withholding consent from the
Burkhardt Group.
"We are moving forward expeditiously with our plans to maximize value for
all WCTC stockholders, including scheduling meetings, on-site inspections and
other due diligence activities with potentially interested parties. We have
retained Sullivan & Cromwell, prominent New York mergers and acquisitions
counsel, to advise us as we take these actions," Power added.
Proxy Monitor Services noted in its report that WCTC's current management
"...appears to be on the right track and should be given the opportunity to see
their current strategies through. Accordingly, we recommend rejection of the
proposal to remove the current board."
The company urges its stockholders to support the company's current
directors and WITHHOLD CONSENT from the Burkhardt Group. Copies of the company's
materials are available from D.F. King & Co., Inc. at (800) 769-4414.
About Wisconsin Central Transportation Corporation
WCTC's principal subsidiaries, Wisconsin Central Ltd., Fox Valley & Western
Ltd., Algoma Central Railway Inc., Sault Ste. Marie Bridge company, and
Wisconsin Chicago Link Ltd., form the Wisconsin Central System and operate
approximately 2,800 route miles of railway serving Wisconsin, Illinois,
Minnesota, Michigan's Upper Peninsula, and Ontario, Canada. WCTC holds 42.5
percent equity interest in English Welsh & Scottish Railway Holdings Limited,
Great Britain's primary freight railroad, 23.7 percent equity interest in Tranz
Rail Holdings Limited, New Zealand's nationwide railroad and transportation
company, and 33 percent equity interest in Australian Transport Network Limited
(ATN), which operates on the Australian mainland and in Tasmania.
This press release contains certain statements that are "forward-looking,"
within the meaning of Section 21E of the Securities Exchange Act of 1934,
including statements regarding, among other matters, the beliefs, expectations,
plans and estimates of the company with respect to certain future events,
including without limitation assumptions related to market valuation and future
performance and similar expressions concerning matters that are not historical
facts. Such forward-looking statements are not guarantees of future performance
and involve known and unknown risks, uncertainties and other factors that could
cause actual events to differ materially from those expressed in those
statements.
Shares of Wisconsin Central Transportation Corporation are publicly traded on
The Nasdaq Stock Market(R) under the symbol WCLX. For more information, see our
home page: www.wclx.com.
CONTACTS:
Ann G. Thoma George Sard/Paul Caminiti/Hugh Burns
Wisconsin Central Citigate Sard Verbinnen
Transportation Corporation (212) 687-8080
(847) 318-4588
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