Business
Superior Plus Income Fund Announces Completion of Internal Reorganization
Superior Plus Income Fund Announces Completion of Internal Reorganization.
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\n\nTSX: SPF.UN\n\nCALGARY, Sept. 30 /CNW/ - On September 30, 2006, Superior Plus Income\nFund (the \"Fund\") announced the completion of the previously announced\ninternal reorganization to a \"trust over partnership structure\". Effective\nSeptember 30, 2006, the business operations previously carried on by Superior\nPlus Inc. (\"Superior\") and its related subsidiaries are being conducted by\nSuperior Plus LP, a limited partnership between Superior as general partner\nand the Fund as limited partner, and its related subsidiaries.\nThe Reorganization will not effect Superior's business operations and in\nits capacity as general partner, Superior will continue to operate the\nbusiness of Superior Plus LP.\nThe Reorganization was overwhelmingly approved (99.66% of votes cast) by\na special resolution of unitholders at the special meeting held on September\n28, 2006. As part of the Reorganization, the Fund entered into a new\nDeclaration of Trust and Administration Agreement to give effect to the new\nstructure and to update such documents to reflect current income trust\npractices.\nGrant Billing, Chairman and Chief Executive Officer, said, \"The\ncompletion of the reorganization into a more modern trust-on-partnership\nstructure is anticipated to enhance the value and distributable cash flow to\nunitholders and marks an important step in implementing our strategic plan\nannounced on July 10, 2006.\"\n\nAbout the Fund\n\nThe Fund holds 100% of the limited partnership units of Superior Plus LP,\na limited partnership formed between Superior, as general partner and the Fund\nas limited partner. Superior Plus LP has four Canadian based operating\ndivisions: Superior Propane is Canada's largest distributor of propane,\nrelated products and services; ERCO Worldwide is a leading supplier of\nchemicals and technology to the pulp and paper industries, a regional Midwest\nsupplier of chloralkali products and the third largest producer of potassium\nproducts in North America; Winroc is the seventh largest distributor of walls\nand ceilings construction products in North America; and Superior Energy\nManagement provides fixed price natural gas supply services in Ontario and\nQuebec. In addition, as part of the strategic plan, JW Aluminum a leading\nmanufacturer of specialty, flat-rolled aluminum products in the United States,\ncurren...