Business
Sun Gro Horticulture Income Fund Releases 2008 Second Quarter Results
Fund Reviews Conversion to Corporate Structure TRADING SYMBOL: Toronto Stock Exchange - GRO.UN Su...
About this update from Coloured Ties Capital Inc
[{"type":"text","content":"\n\n\n\nFund Reviews Conversion to Corporate Structure\n\nTRADING SYMBOL: Toronto Stock Exchange - GRO.UN\n\nSun Gro Horticulture Income Fund will hold a conference call and webcast\nto discuss 2008 second quarter results on August 14, 2008 at 7:30 am\nPacific Time (10:30 am Eastern). The call can be accessed by dialing:\n1-866-249-2157 or 416-915-5767 (GTA local & International).\n\nA replay will be available through August 29, 2008 at: 1-877-289-8525 or\n416-640-1917. Passcode 21279990 followed by the pound sign.\n\nTo access the live and archived webcast, please go to:\nhttp://www.investorcalendar.com/IC/CEPage.asp?ID(equal sign)132313 or to\nthe fund's website at: www.sungro.com.\n\n\nVANCOUVER, Aug. 13 /CNW/ - Sun Gro Horticulture Income Fund (the Fund)\ntoday reported financial results for the three and six months ended June 30,\n2008. The three-month period represents the second quarter of its 2008 fiscal\nyear. Copies of management's discussion and analysis, and the unaudited\ninterim financial statements will be available at www.sedar.com and\nwww.sungro.com on August 14, 2008. At the same time, the Fund announced it is\nconsidering conversion from an income trust to a corporate structure before\nthe end of the current fiscal year.\n\n\nProposed Conversion to Corporate Structure:\n\n\nAfter reviewing the merits of continuing to operate under the income fund\nstructure, the Fund's Board of Trustees is considering the consequences and\nbenefits of converting to a corporation. As more fully described in\nmanagement's discussion and analysis, the Trustees believe that a corporate\nstructure would better enable Sun Gro to execute its growth strategy and\nreduce its debt levels. As a result of current and pending tax regulations,\ninvestor interest in income funds has declined and the income fund structure\ngreatly limits the Fund's financial flexibility. "We've reached the point\nwhere a corporate structure may be more suitable for Sun Gro," said Mitch\nWeaver, President and CEO of Sun Gro, and a Trustee of the Fund. "Under the\ncurrent circumstances, we believe there are opportunities for future growth\nand acquisitions that are best achieved as a corporation." Weaver added that\nthe Trustees are conducting a review of strategic acquisitions in connection\nwith the contemplated conversion and have en...