TSX: SPF.UN
CALGARY, Dec. 18 /CNW/ - Superior Plus Income Fund (the "Fund") (www.superiorplus.com) (TSX: SPF.UN) is pleased to announce that at the special meeting ("Meeting") of the holders ("Unitholders") of trust units of the Fund, the Unitholders approved the plan of arrangement (the "Arrangement") involving, among others, the Fund and Ballard Power Systems Inc. ("Ballard"), pursuant to which the Fund will convert into a corporation to be named Superior Plus Corp. Subject to approval of the Arrangement by the Supreme Court of British Columbia on December 22, 2008, it is expected that the Arrangement and the other transactions contemplated therein will close on December 31, 2008.
Grant Billing, Chairman and CEO commented, "This is a defining moment for Superior Plus. The overwhelming support of our Unitholders demonstrates the importance of removing the uncertainties relating to Superior's transition from an income trust to a corporation. Superior Plus has excellent businesses that have grown significantly utilizing the income trust structure. Upon closing of the Arrangement, Superior will be well-positioned as a new corporation with a strong balance sheet providing the financial flexibility to continue to grow as a corporation while paying a substantial dividend to its shareholders. Continuing the monthly dividend at 13.5 cents per share is an important signal to our shareholders of our commitment to continue to reward them as our company grows".
Pending the final approval of the Toronto Stock Exchange (the "TSX") the common shares, 5.75% debentures and 5.85% of debentures of Superior Plus Corp. will begin trading on the TSX two to three business days following the completion of the Arrangement under the symbols "SPB", "SPB.db.b" and "SPB.dc.c", respectively. Until such time, the trust units, 5.75% debentures and 5.85% of debentures of the Fund will continue trading on the TSX.
Forward Looking Information
Certain information included in this Press Release is forward-looking, within the meeting of applicable Canadian securities laws. Much of this information can be identified by looking for words such as "believe", "expects", "expected", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar words. Forward-looking information in this Press Release includes but is not limited to, assumptions concerning the timing of receipt of regulatory approval, including approval by the Supreme Court of British Columbia and the Toronto Stock Exchange and the timing of closing of the Arrangement. The Fund believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause the Fund's actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. These risks and uncertainties include but are not limited to the failure to satisfy the conditions precedent to the Arrangement and the other risks identified in the Fund's Information Circular dated November 12, 2008 and 2007 Annual Information Form under the heading "Risk Factors", both of which are available on the SEDAR website (www.sedar.com). Any forward-looking information is made as of the date hereof and, except as required by law the Fund undertakes no obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.