Business
Badger Income Fund Announces Anticipated Effective Date of Conversion to a Corporation, Date for Mailing of Letter of Transmittal and Dividend Policy
Badger Income Fund Announces Anticipated Effective Date of Conversion to a Corporation, Date for ...
About this update from Badger Infrastructure Solutions Ltd
[{"type":"text","content":"\nBadger Income Fund Announces Anticipated Effective Date of Conversion to a Corporation, Date for Mailing of Letter of Transmittal and Dividend Policy\n\n\n Dec. 13, 2010 (Filing Services Canada) -- Badger Income Fund (BAD.UN - TSX), (the \"Fund\") is pleased to announce that the previously announced plan of arrangement (the \"Arrangement\") to reorganize the Fund into a corporation called Badger Daylighting Ltd. (\"Badger\") and the other transactions contemplated therein, all of which were approved by the Unitholders of the Fund and the Court of Queen's Bench, is anticipated to close on or about December 31, 2010 such that the effective date of the Arrangement will be December 31, 2010.  Various other customary closing conditions remain to be satisfied, including the mailing of the Letter of Transmittal to Unitholders of the Fund. It is anticipated that the Letter of Transmittal, providing detailed instructions regarding the procedure for exchange of certificates representing units of the Fund for certificates representing common shares of Badger, will be mailed to unitholders on or about December 13, 2010.  The unitholders of the Fund will receive one common share of Badger for each fund unit held.The common shares of Badger are expected to commence trading on the Toronto Stock Exchange under the symbol \"BAD\" shortly after the effective date subject to receipt of final listing approval from the Toronto Stock Exchange, at which time the units of the Fund will be delisted from the Toronto Stock Exchange.Badger has determined it will be remitting dividends on a monthly basis commencing with the month of January 2011.  The dividend has been set at $1.02 per share on an annualized basis.  Badger expects to use its free cash flow to fund a combination of growth, debt repayment and dividends.     Details on the transaction are contained in the Fund's Management Information Circular dated May 14, 2010. This document is available at www.sedar.com.  Badger Income Fund is an open-ended trust that is North America's largest provider of non-destructive excavating services.  Badger traditionally works for contractors and facility owners in the utility and petroleum industries.  Our key technology is the Badger Hydrovac, which is used primarily for ...