KELOWNA, BC, May 21 /CNW/ - McIntosh Properties Ltd. ("McIntosh") announces that on May 19, 2010, it acquired beneficial ownership and control of an aggregate of 526,316 common shares (the "Common Shares") of Exchange Income Corporation (the "Corporation"), representing approximately 4.05% of the issued and outstanding Common Shares, pursuant to the exercise of Common Share purchase warrants (the "Warrants").
The acquisition resulted in McIntosh beneficially owning and controlling an aggregate of 1,177,568 Common Shares, representing approximately 9.07% of the issued and outstanding Common Shares. This represents a material change in the information contained in an Early Warning Report, dated April 7, 2009, filed by McIntosh in respect of Exchange Industrial Income Fund (the "Fund"), which was subsequently converted into the Corporation pursuant to a plan of arrangement.
The Shares were acquired for investment purposes. McIntosh may, depending on market and other conditions, increase or decrease beneficial ownership of, or control or direction over, Shares through market transactions, treasury issuances or otherwise.
McIntosh paid $5,263,160 in cash to the Corporation ($10.00 per Common Share) to acquire the Common Shares, pursuant to the terms of the Warrants.
McIntosh previously issued a press release and Early Warning Report on April 9, 2009 indicating that it had acquired beneficial ownership and control of an aggregate of 526,316 Class A trust units of the Fund and 526,316 Warrants of the Fund and that it owned and controlled an aggregate of 651,252 Class A trust units of the Fund, representing 7.3% of the then issued and outstanding Class A trust units of the Fund, and Warrants of the Fund allowing McIntosh to acquire a further 526,316 Class A trust units of the Fund. As a result of the exercise of the Warrants held by McIntosh, the number of Common Shares beneficially owned and controlled by McIntosh has increased, while its percentage of the issued and outstanding Common Shares beneficially owned and controlled has decreased as a result of issuances of Class A trust units by the Fund and Common Shares by the Corporation since April 9, 2009. McIntosh now has beneficial ownership and control of 1,177,568 Common Shares, representing approximately 9.07% of the aggregate issued and outstanding Common Shares.
An early warning report in respect of the above-noted transaction will be filed on SEDAR and will be available at www.sedar.com.
The Toronto Stock Exchange has neither approved nor disapproved the contents of this press release.
SOURCE MCINTOSH PROPERTIES LTD.
For further information: For further information: McIntosh Properties Ltd., 1980 Cooper Road, Suite 201, V1Y 8K5, Phone: (250) 763-7787