Business
Badger Income Fund Announces Closing of Conversion to a Corporation
Jan. 4, 2011 (Filing Services Canada) -- Badger Income Fund (BAD.UN - TSX), (the "Fund") is ple...
About this update from Badger Infrastructure Solutions Ltd
[{"type":"text","content":"\nBadger Income Fund Announces Closing of Conversion to a Corporation\n\n\n Jan. 4, 2011 (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. (\"New 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, closed effective December 31, 2010 (the \"Effective Date\").   Transactions in Arrangement and Related EventsPursuant to the Arrangement, on the Effective Date, the existing unitholders of the Fund transferred all of their units (the \"Fund Units\") to New Badger in exchange for common shares of New Badger (\"New Badger Common Shares\") on the basis of one such New Badger Common Share for each one Fund Unit held and New Badger became the owner of all issued and outstanding Fund Units. Immediately following the Effective Date, Badger Income Trust, a subsidiary of the Fund, was wound up and dissolved such that all of its assets were transferred to, and all of its liabilities were assumed by, the Fund. Immediately following the dissolution of Badger Income Trust, the Fund was wound up and dissolved such that all of its assets were transferred to, and all of its liabilities were assumed by, New Badger. Effect of Arrangement and Related EventsAs such, pursuant to Arrangement: (i) the former holders of Fund Units collectively own 100% of the outstanding New Badger Common Shares; (ii) New Badger owns the assets and business formerly owned indirectly by the Fund; and (iii) the Fund was dissolved.TSX ListingIt is expected that the common shares of New Badger will commence trading on the Toronto Stock Exchange under the trading symbol \"BAD\" approximately three to five business days following the Effective Date and the units of the Fund will be de-listed immediately preceding that time.Additional InformationAdditional information is presented in the Fund's Management Information Circular dated May 14, 2010 which is available on SEDAR (www.sedar.com). About Badger Daylighting Ltd.Badger Daylighting Ltd. is North America's largest provider of non-destructive excavating services.  Badger traditionally works for contractors and facility own...