Business
GENIVAR INCOME FUND COMPLETES CORPORATE CONVERSION
Dec. 31, 2010 (Canada NewsWire Group) -- /Not for distribution to U.S. news wire services or ...
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[{"type":"text","content":"\n\n\n\n Dec. 31, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n/Not for distribution to U.S. news wire services or dissemination in the\n U.S./\n\n\nMONTREAL, Dec. 31 /CNW Telbec/ - GENIVAR Income Fund (the "Fund") is\n pleased to announce that it will complete, effective on January 1st, 2011 the approved plan of arrangement (the "Arrangement) pursuant to\n which the Fund will combine with GENIVAR Inc. and convert from an\n income trust structure to a new publicly-traded corporation named\n "GENIVAR Inc." ("New GENIVAR"). Common shares of New GENIVAR will be\n listed upon completion of the Arrangement and will commence trading in\n the Toronto Stock Exchange on January 4, 2011 under the symbol GNV.\n\n\nAs of December 31, 2010, the shareholders of GENIVAR Inc. (the\n "Shareholders") hold a 33.35% indirect interest in the Fund and the\n unitholders (the "Unitholders") hold a 66.65% direct interest in the\n Fund. Under the Arrangement, Unitholders will receive, for each unit of\n the Fund held, one common share of New GENIVAR for an aggregate of\n 18,103,589 common shares in New GENIVAR and the Shareholders will\n receive an aggregate of 7,908,294 common shares of New GENIVAR in\n exchange for their 33.35% indirect interest in the Fund. As of January\n 1st, 2011, there will be 26,011,883 common shares of New GENIVAR\n outstanding and the former Shareholders and the former Unitholders will\n respectively hold a 30...