Superior Plus Announces Conversion to a Corporation with a 13.5 cent per share Monthly Dividend

About this update from Superior Plus Corp

[{"type":"text","content":"\n\n\n\nTSX: SPF.UN\n\n\nCALGARY, Oct. 30 /CNW/ - Superior Plus Income Fund ("Superior")\n(www.superiorplus.com) (TSX: SPF.UN) is pleased to announce that it has\nentered into an agreement pursuant to which it will convert from an income\ntrust structure to a corporation pursuant to a Plan of Arrangement (the\n"Conversion").\n\n\nStrategic Rationale for the Decision to Convert to a Corporation\n\n\nSuperior's vision is to operate and build businesses that will provide\nlong-term stability of distributions and premium returns to our unitholders\nthrough value-based growth in our core businesses. The announcement of the\nSpecified Investment Flow-Through Trust income and distribution tax (the "SIFT\nTax") on October 31, 2006 and the subsequent limitations placed on trusts made\nit clear that the intention of the Department of Finance was to close and\nsubsequently dissolve the public income trust market. Further, the proposed\nlegislation on tax-free conversions announced in July 2008 requires\nconversions to be completed under the new rules before December 2013. Superior\nbelieves the uncertainty relating to the future of the public income trust\nmarket has had a negative impact resulting in discounted unit prices,\ndecreased access to capital, lower liquidity and limited growth prospects.\n\n\nSuperior has been proactively assessing several options available to\nprovide long-term stability of distributions for our unitholders while\nminimizing the impact of the Federal trust taxation legislated by the Federal\nGovernment in June 2007. Superior believes the early conversion to a\ncorporation through the proposed Plan of Arrangement with Ballard Power\nSystems Inc. ("Ballard") accomplishes both of these objectives.\n\n\nGrant Billing, Chairman and Chief Executive Officer, stated that, "We are\npleased to announce this Conversion as it allows us to continue to create\nlong-term value for our unitholders by converting from a trust to a\ncorporation while continuing our monthly distribution. As part of the\ntransaction, we will be assessing the potential for a United States stock\nexchange listing to create additional opportunities to access the United\nStates debt and equity markets. In addition, this transaction provides us the\nopportunity to work with Ballard to enhance the value of ou...

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