Dominion Citrus Income Fund Receives a Letter of Intent to Acquire Units
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 12/30/15 -- Dominion Citrus Income Fund (TSX: DOM.UN) (the "Fund") has received an unsolicited, non-binding letter of intent (the "LOI") to acquire all of the units (the "Units") of the Fund, for a cash price of $0.35 per Unit.
The Trustees have responded to inform the bidder that the Trustees are not in a position to recommend the terms of the LOI to unitholders as the price offered was below the range of values for the Units based upon the valuation for the Fund's sole subsidiary, Dominion Citrus Limited ("DCL"), excluding DCL's debt held by the Fund, as determined by Klein Farber Corporate Finance Inc. ("Klein Farber") and published via Press Release on December 10, 2015. The Trustees have invited the bidder to provide an amended LOI offering a price within the range of values as provided by Klein Farber as well as suggesting other changes to the LOI that could potentially cause the Trustees to recommend the terms of a modified LOI for acceptance by the unitholders.
The Fund has also had conversations with two additional parties regarding their interest in bidding for either units of the Fund or assets of the Fund, but to date no formal correspondence has been received.
There is no assurance that any revised or other letter of intent will be received or, if received, that any agreement will be entered into or any transaction will be completed.
About Dominion
The Fund is a publicly traded, unincorporated, open-ended limited purpose income trust. On January 1, 2006, all of the common shares of DCL were exchanged for trust units of the Fund. The trust units are listed on the TSX under the symbol DOM.UN. The Fund's website may be accessed at .
DCL is a diversified food company supplying fresh produce to a wide variety of customers in retail, foodservice and food distribution businesses. DCL provides procurement, processing, repacking, sorting, grading, warehousing and distribution services to its major domestic markets being Ontario and Quebec. Dominion also supplies products to customers in the United States. The Series A preference shares of DCL are listed on the TSX under the symbol DMN.PR.A.
Cautionary Statement Regarding Forward Looking Information and Statements
Certain statements contained in this press release contain "forward-looking information" pursuant to Canadian securities laws ("forward-looking statements"). Forward-looking statements relate to future events or the Fund's or DCL's future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", "pursue", "potential" and "capable" and similar expressions are intended to identify forward-looking statements. These forward-looking statements may be affected by the risks and uncertainties in the Fund's and DCL's businesses, including those described in the Fund's and DCL's most recent annual information form filed on SEDAR at . Any forward- looking statements speak only as of the date of this press release, and the Fund and DCL assume no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date of this press release except as required by applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts:
Dominion Citrus Income Fund
Peter McLaughlin, Chairman
Board of Trustees
416-802-2367
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Datum: 30.12.2015 - 21:11 Uhr
Sprache: Deutsch
News-ID 441931
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TORONTO, ONTARIO
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Personal Finance
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