Business
Financial Advisors Retained to Assist in Strategic Review Process
Financial Advisors Retained to Assist in Strategic Review Process.
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\n\nTSX: SPF.UN\n\nCALGARY, May 11 /CNW/ - Superior Plus Income Fund (the \"Fund\") and\nSuperior Plus Inc. (\"Superior\") announced today that RBC Capital Markets and\nTD Securities have been engaged as financial co-advisors to assist the\nStrategic Review Committee of the Board in identifying the best possible\nalternatives to maximize unitholder value and to execute on that strategy.\nAs reported in the news release dated April 24, 2006, the strategic\nreview has been launched due to anticipated weakness in the operating results\nof ERCO Worldwide over the medium term, one of the principal businesses of the\nFund, as well as due to the reduction of the Fund's monthly distribution, and\nthe weakness in the Fund's unit price.\nIn commenting on the engagement of the financial advisors, Grant Billing,\nExecutive Chairman of Superior, stated: \"With the outside expertise of our\nfinancial advisors, we will now commence the strategic review process by\nundertaking a comprehensive review of each of our businesses and our corporate\nstructure, which we would expect to be completed by the end of the second\nquarter. We believe that we have five valuable businesses with experienced\noperating management teams and unitholders will be kept informed as we have\nmaterial developments to disclose.\"\n\nAbout the Fund\n--------------\nThe Fund holds 100% of Superior Plus Inc., which has five different\nbusinesses. The Fund's operating distributable cash flow by business for the\nyear ended December 31, 2005 after giving effect to the acquisition of JW\nAluminum, as if it had been acquired January 1, 2005, is as follows:\n\n35% Superior Propane, Canada's largest distributor of propane, related\n products and services;\n35% ERCO Worldwide, a provider of specialty chemicals and related\n technology;\n17% JW Aluminum, a manufacturer of specialty flat-rolled aluminum\n products;\n11% Winroc, a distributor of specialty construction products to the\n walls and ceilings construction industry; and\n 2% Superior Energy Management, a fixed price natural gas retailer.\n\nThe Fund's trust units and convertible debentures trade on the Toronto\nStock Exchange as follows:\n\n>\n\n\n","length":4461,"tagName":"div"}]