/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
MONTREAL, Sept. 12 /CNW/ - GENIVAR Income Fund (TSX:GNV.UN) ("GENIVAR" or
the "Fund") today announced that it has agreed to issue 1,391,650 trust units
(the "Units") from treasury of the Fund on a bought deal basis to a syndicate
of underwriters led by TD Securities Inc., National Bank Financial Inc. and
Raymond James Ltd. The Units will be offered at a price of $25.15 per Unit.
The gross proceeds of the offering to the Fund will be $35 million and the
Units will be offered by way of short form prospectus in each of the provinces
of Canada. The financing is subject to all normal regulatory approvals and is
expected to close on or about October 2, 2008.
GENIVAR Inc. will concurrently purchase, directly or indirectly, on a
private placement basis exchangeable LP units (the "LP Units") from treasury
of GENIVAR LP at a price of $25.15 per LP Unit (the "Private Placement"). The
gross proceeds of the Private Placement to the Fund will be $15 million.
The net proceeds of the financing will be used for debt repayment and for
general purposes of the Fund.
The Fund distributes distributable income on a monthly basis to
unitholders of record on the last business day of each month. Payments are
made on or about the 15th day after each record date. The first distribution
that purchasers of the Units offered will be entitled to receive is the
distribution expected to be paid on November 17, 2008 to holders of record on
October 31, 2008 for the period of October 1, 2008 to October 31, 2008.
This news release shall not constitute an offer to sell or the
solicitation of any offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful. The Units offered will not be and have not been registered under
the United States Securities Act of 1933, as amended (the "U.S. Securities
Act") and may not be offered or sold in the United States.
Forward Looking Information
Certain information regarding GENIVAR contained herein may constitute
forward-looking statements. Forward-looking statements may include estimates,
plans, expectations, opinions, forecasts, projections, guidance or other
statements that are not statements of fact. Although GENIVAR believes that the
expectations reflected in such forward-looking statements are reasonable, it
can give no assurance that such expectations will prove to have been correct.
These statements are subject to certain risks and uncertainties and may be
based on assumptions that could cause actual results to differ materially from
those anticipated or implied in the forward-looking statements. GENIVAR's
forward-looking statements are expressly qualified in their entirety by this
GENIVAR is a leading Canadian engineering services firm providing private
and public sector clients with a full range of professional consulting
services through all execution phases of a project including planning, design,
construction and maintenance. Its clients, which are of varying sizes, fall
into various market segments such as building, industrial and power, municipal
infrastructure, transportation and environment. GENIVAR is one of the largest
engineering services firm in Canada in terms of number of employees with
approximately 3,300 managers, professionals, technicians and technologists and
support staff in over 75 offices in Canada and abroad.
For further information:
For further information: Pierre Shoiry, President and CEO, GENIVAR
Income Fund, (514) 340-0046, ext. 5104; Marlène Casciaro, Director of
Communications, GENIVAR Income Fund, (514) 340-0046, ext. 5104