MONTREAL, Oct 4 /CNW Telbec/ - O'Leary Funds continues to oppose the plan announced by Boralex Power Income Fund in its Notice of Special Meeting of Unitholders dated September 27, 2010 based on the firm belief that this plan violates the terms of the Trust Agreement regarding rights of minority investors, does not comply with Quebec law and would be illegal. Both the compulsory acquisition proposed by Boralex Inc. and the Business Combination proposed by Boralex Power Income Fund and a wholly owned subsidiary of Boralex Inc. is believed to represent a substantial violation of the rights of minority investors. O'Leary Funds has not tendered its units and will contest both any compulsory acquisition and the proposed Business Combination.
O'Leary Funds has advised Computershare Investor Services Inc. that it must not transfer, cancel or otherwise modify the trust units held by O'Leary Funds and that it will be held liable for all damages if it does so.
O'Leary Funds continues to believe that the offer made by Boralex Inc. was inadequate, and that the proposed transactions should not be completed. O'Leary Funds is committed to exercising all of its rights and recourses to protect its minority interests.
For further information: For further information:
Connor O'Brien, CEO, O'Leary Funds Management LP, Chief Investment Officer, Stanton Asset Management Inc., (514) 849-0064, [email protected]
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