TSX: SPF.UN
CALGARY, March 12 /CNW/ - Superior Plus Income Fund (the "Fund") today announced the appointments of Randall J. Findlay, P.Eng. and Walentin (Val) Mirosh, P.Eng., LLB to the board of directors of Superior Plus Administration Inc., the administrator of the Fund, and Superior Plus Inc., general partner of Superior Plus LP., effective March 6, 2007. Mr. Allan G. Lennox who has served as director of Superior Plus since the Fund's inception in 1996 will not be standing for re-election at the next annual meeting of the Fund scheduled to be held on May 8, 2007. Following the Fund's annual meeting, Messrs. Findlay and Mirosh will be two of eight independent members of the nine member boards. New committee memberships will be determined at that time.
"We are very pleased to have Messrs. Findlay and Mirosh join our boards," said Grant Billing, Chairman and Chief Executive Officer of Superior Plus. "Following completion of the strategic plan, the boards carefully considered the composition and the skills of its board members to ensure alignment and support of Superior Plus' value-based growth strategy. The skills and extensive experience of Messrs. Findlay and Mirosh in energy, the midstream, and international business, development, and strategy, are complementary to those of the current members of the Board and will be of great value as we continue to focus on stability of distributions and long-term growth. Mr. Lennox will remain on the boards of Superior Plus until the annual meeting of the Fund and we would like to acknowledge his contributions and the guidance he provided over his many years of dedicated service."
Mr. Findlay served as past President of Provident Energy Ltd. ("Provident"), Senior Vice President of TransCanada Pipelines Ltd., and President of TransCanada Midstream. Mr. Findlay currently is a director of Provident, BreitBurn Energy Partners, Canadian Helicopter Income Trust, TransAlta Power LP, and director nominee of Pembina Pipeline Income Fund. He also serves as Chairman of the Children's Hospital Foundation and was President and Director of the Canadian Mental Health Association.
Mr. Mirosh is Vice-President of NOVA Chemicals Corp. and President of Olefins/Feedstocks, Calgary. Prior to 2003, he was Partner at Macleod Dixon LLP, Executive Vice-President of TransCanada Pipelines Limited and Executive Vice-President, Regulatory Strategy and Northern Development of TransCanada Pipelines Limited. Mr. Mirosh currently serves as director of Taylor NGL Limited Partnership, the Energy Council of Canada, and as Co-Chairman of the Advisory Council to the Faculty of Social Sciences, University of Calgary.
About the Fund
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Superior Plus Income Fund is a diversified business trust. The Fund holds 100% of Superior Plus LP, a limited partnership formed between Superior Plus Inc., as general partner and the Fund as limited partner. Superior Plus is focused on stability of distributions with value growth and has four Canadian based operating divisions: Superior Propane is Canada's largest distributor of propane, related products and services; ERCO Worldwide is a leading supplier of chemicals and technology to the pulp and paper industries, a regional Midwest supplier of chloralkali products and the third largest producer of potassium products in North America; Winroc is the seventh largest distributor of walls and ceilings construction products in North America; and Superior Energy Management provides fixed price natural gas supply services in Ontario and Quebec.
The Fund's trust units and convertible debentures trade on the Toronto Stock Exchange as follows:
Trading Symbol Security Issued and Outstanding ------------------------------------------------------------------------- SPF.un Trust Units 85.7 million SPF.db 8% Debentures, Series 1 $ 8.1 million principal amount SPF.db.a 8% Debentures, Series 2 $ 59.2 million principal amount SPF.db.b 5.75% Debentures $174.9 million principal amount SPF.db.c 5.85% Debentures $ 75.0 million principal amount -------------------------------------------------------------------------