Superior Plus Announces Unitholder Approval of Plan of Arrangement

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[{"type":"text","content":"\n\n\n\nTSX: SPF.UN\n\n\nCALGARY, Dec. 18 /CNW/ - Superior Plus Income Fund (the "Fund")\n(www.superiorplus.com) (TSX: SPF.UN) is pleased to announce that at the\nspecial meeting ("Meeting") of the holders ("Unitholders") of trust units of\nthe Fund, the Unitholders approved the plan of arrangement (the "Arrangement")\ninvolving, among others, the Fund and Ballard Power Systems Inc. ("Ballard"),\npursuant to which the Fund will convert into a corporation to be named\nSuperior Plus Corp. Subject to approval of the Arrangement by the Supreme\nCourt of British Columbia on December 22, 2008, it is expected that the\nArrangement and the other transactions contemplated therein will close on\nDecember 31, 2008.\n\n\nGrant Billing, Chairman and CEO commented, "This is a defining moment for\nSuperior Plus. The overwhelming support of our Unitholders demonstrates the\nimportance of removing the uncertainties relating to Superior's transition\nfrom an income trust to a corporation. Superior Plus has excellent businesses\nthat have grown significantly utilizing the income trust structure. Upon\nclosing of the Arrangement, Superior will be well-positioned as a new\ncorporation with a strong balance sheet providing the financial flexibility to\ncontinue to grow as a corporation while paying a substantial dividend to its\nshareholders. Continuing the monthly dividend at 13.5 cents per share is an\nimportant signal to our shareholders of our commitment to continue to reward\nthem as our company grows".\n\n\nPending the final approval of the Toronto Stock Exchange (the "TSX") the\ncommon shares, 5.75% debentures and 5.85% of debentures of Superior Plus Corp.\nwill begin trading on the TSX two to three business days following the\ncompletion of the Arrangement under the symbols "SPB", "SPB.db.b" and\n"SPB.dc.c", respectively. Until such time, the trust units, 5.75% debentures\nand 5.85% of debentures of the Fund will continue trading on the TSX.\n\n\nForward Looking Information\n\n\nCertain information included in this Press Release is forward-looking,\nwithin the meeting of applicable Canadian securities laws. Much of this\ninformation can be identified by looking for words such as "believe",\n"expects", "expected", &...

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