Business
Data Group Inc. announces the completion of the conversion of The Data Group Income Fund to a corporation
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About this update from Data Communications Management Corp.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE,\n PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN\n WHOLE OR IN PART, IN OR INTO THE UNITED STATES./\n\n\nBRAMPTON, ON, Jan. 1, 2012 /CNW/ - Data Group Inc. (TSX: DGI) announced\n that The Data Group Income Fund (the \"Fund\") has today completed the\n previously announced plan of arrangement under which the Fund's income\n trust structure has been reorganized into a dividend paying public\n corporation named \"Data Group Inc.\"  The Fund's unitholders approved\n the plan of arrangement on May 17, 2011.\n\n\nUnder the plan of arrangement, holders of units of the Fund received\n common shares (the \"Shares\") of Data Group Inc. in exchange for their\n units, on a one-for-one basis.  Data Group Inc. also assumed all of the\n covenants and obligations of the Fund under its outstanding 6.00%\n convertible unsecured subordinated debentures (the \"Debentures\").  On\n conversion of the Debentures, debentureholders are now entitled to\n receive Shares, rather than units, on the basis of one Share in lieu of\n each unit of the Fund which the debentureholder was previously entitled\n to receive, subject to adjustment in accordance with the terms of the\n trust indenture.  Data Group Inc. now has 23,490,592 common shares\n outstanding.  Common shares of Data Group Inc. will commence trading on\n the Toronto Stock Exchange (the \"TSX\") on January 3, 2012 under the\n symbol \"DGI\".  The Debentures will commence trading on the TSX on\n January 3, 2012 under the symbol \"DGI.DB.A\".\n\n\nData Group Inc. now indirectly operates the businesses which were\n previously operated by the Fund's subsidiaries.  The management and\n trustees of the Fund are now the management and directors of Data Group\n Inc.\n\n\nThe cash distribution of the Fund of $0.0542 per unit payable on January\n 13, 2012 to unitholders of record on December 31, 2011 for the period\n from December 1, 2011 to December 31, 2011, which was previously\n announced by the Fund on December 16, 2011, will be paid by Data Group\n Inc. on behalf of the Fund.\n\n\nData Group Inc. also announced that its wholly-owned subsidiary has\n entered into an amended and restated credit agreement effective January\n 1, 2012 reflecting the changes in the Fund's corp...