Business
Superior Plus Corp. Announces Completion of Conversion to a Corporation
TSX: SPF.UN CALGARY, Dec. 31 /CNW/ - Superior Plus Corp. ("Superior") (www.superiorplus.com) (cur...
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\nTSX: SPF.UN\n\n\nCALGARY, Dec. 31 /CNW/ - Superior Plus Corp. ("Superior")\n(www.superiorplus.com) (currently, TSX: SPF.UN) is pleased to announce that\nthe previously announced court supervised plan of arrangement (the\n"Arrangement") providing for the conversion of Superior Plus Income Fund (the\n"Fund") into a corporation named "Superior Plus Corp." has closed and will\ntake effect at 11:59 p.m. today. Pursuant to the Arrangement, Superior Plus\nCorp. will carry on the business previously carried on by the Fund prior to\ncompletion of the Arrangement.\n\n\nGrant Billing, Chairman and Chief Executive Officer, stated that, "We are\npleased to announce the completion of the Arrangement as it allows us to\ncreate long-term value for our shareholders while continuing our $0.135 per\nmonth dividend payment. Our Canadian taxable shareholders will have the added\nbenefit of receiving a dividend tax credit or deduction compared to their\nprior tax treatment of distributions as other income. In addition, Superior is\nexpected to have greater access to capital and improved liquidity in this\nchallenging economic environment."\n\n\nPending the final approval of the Toronto Stock Exchange (the "TSX") the\ncommon shares, 5.75% debentures and 5.85% debentures of Superior Plus Corp.\nwill begin trading on the TSX two to three business days following the date\nhereof under the symbols "SPB", "SPB.db.b" and "SPB.db.c", respectively. Until\nsuch time, the trust units, 5.75% debentures and 5.85% of debentures of the\nFund 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 meaning of applicable Canadian securities laws. Much of this\ninformation can be identified by looking for words such as "believe",\n"expects", "expected", "will", "intends", "projects", "anticipates",\n"estimates", "continues" or similar words. Forward-looking information in this\nPress Release includes but is not limited to, assumptions concerning the\ntiming of receipt of the final approval of the Toronto Stock Exchange and the\nfuture payment of dividends. Superior believes the expectati...