CALGARY, Dec. 10 /PRNewswire/ - At the special meeting of Trimac Income Fund (the "Fund") held today, unitholders and holders of exchangeable security voting rights of the Fund overwhelmingly approved the conversion of the Fund to a corporation pursuant to an arrangement under the Business Corporations Act (Alberta). Securityholders voted 99.9% in favour of the conversion. The arrangement remains subject to final approval by the Court of Queen's Bench of Alberta at a hearing scheduled for December 13, 2010. Should the necessary court approval be received, it is anticipated that the arrangement will close on January 1, 2011. On closing, the trust units of the Fund will be exchanged for Class A Shares of Trimac Transportation Ltd. ("TTL") on a one for one basis and the exchangeable shares in Trimac Transportation Services Inc. will be exchanged into Class A Shares or Class B Shares of TTL based upon the exchange ratio in effect on January 1, 2011.
The Fund is an unincorporated, open-ended limited purpose trust created for the purpose of acquiring and holding an indirect interest in Trimac Transportation Services Limited Partnership ("Trimac").
Trimac is Canada's largest provider of bulk trucking services with operations from coast to coast. In addition, through its National Tank Services division, Trimac performs repairs, maintenance and tank-trailer cleaning services for both the Trimac fleet and for third party commercial customers. Trimac also provides third party transportation logistics services in Canada and the United States through its wholly owned subsidiary Bulk Plus Logistics. Trust units of Trimac Income Fund are traded on the Toronto Stock Exchange under the symbol TMA.UN.
SOURCE Trimac Income Fund