Business
BIRD CONSTRUCTION INCOME FUND CONFIRMS COMPLETION DATE OF REORGANIZATION
BIRD CONSTRUCTION INCOME FUND CONFIRMS COMPLETION DATE OF REORGANIZATION
About this update from Bird Construction Inc.
[{"type":"text","content":"\n\n\n\n Dec. 20, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n >\n\n\nTORONTO, Dec. 20 /CNW/ - Bird Construction Income Fund (TSX: BDT.UN) (the "Fund") confirmed today that its reorganization ("Reorganization") from an income trust into a corporation will become effective on schedule, on January 1, 2011. The Reorganization will be implemented by way of a plan of arrangement under the Business Corporations Act (Ontario), pursuant to which all of the units of the Fund ("Units") will be exchanged for common shares (the "Shares") of Bird Construction Inc. ("Bird") on a one-for-one basis. Subject to the satisfaction by Bird of the customary listing conditions of the Toronto Stock Exchange (the "TSX"), following completion of the Reorganization the Shares of Bird will commence trading on the TSX in place of the Fund's Units under the symbol BDT.\nAs a result of the Reorganization, Bird will acquire all of the issued and outstanding Units. Bird will continue to carry on the business of the Fund with the same experienced management team. The board of directors of Bird is comprised of the same individuals who are on the board of trustees of the Fund and the executive officers of Bird Construction Company Limited, the administrator of the Fund, will serve as the executive officers of Bird.\nIt is expected that Bird will adopt an initial quarterly dividend rate of $0.45 per Share, which is equivalent to the monthly distributi...