MONTREAL, March 8 /CNW Telbec/ - Oceanex Income Fund ("the Fund")
(TSX: OAX.UN) announced today that its trustees have adopted a Unitholder
Rights Plan (the "Rights Plan").
The Rights Plan is designed to provide unitholders and the Trustees of
the Fund with adequate time to consider and evaluate any unsolicited bid made
for the Fund, to provide the Trustees with adequate time to identify, develop
and negotiate value-enhancing alternatives, if considered appropriate, to any
such unsolicited bid, to encourage the fair treatment of unitholders in
connection with any take-over bid for the Fund and to ensure that any proposed
transaction is in the best interests of the unitholders of the Fund.
The Rights Plan is similar to other rights plans adopted by many Canadian
income trusts and corporations, and conforms to guidelines for such plans
established by certain shareholder rights groups. The Rights Plan was not
proposed in response to, or in anticipation of, any pending, threatened or
proposed acquisition or take-over bid. The Trustees did not adopt the Rights
Plan to prevent a take-over of the Fund, to secure the continuance of
management, the directors or the Trustees in their respective offices or to
defer offers for the units of the Fund. The issuance of the rights will not
change the manner in which unitholders trade their units.
"Given that our annual meeting is coming up in April, the Trustees
determined that it was the appropriate time to adopt a rights plan since it
requires unitholder approval. The Trustees have taken a prudent pro-active
approach in adopting the plan" said Hon. David Peterson, Trustee of the Fund.
The Rights Plan is not triggered if an offer to acquire Fund units would
allow sufficient time for unitholders to consider and react to the offer and
would allow unitholders to decide to tender or not to tender without the
concern that they will be left with illiquid units should they not tender. The
plan will be available for viewing at www.SEDAR.com.
The Rights Plan has been conditionally accepted by the Toronto Stock
Exchange on March 8, 2007, subject to unitholder approval and is effective
immediately. The Fund will be seeking unitholder ratification of the Rights
Plan at its upcoming Annual and Special Meeting to be held on April 25, 2007.
About Oceanex Income Fund
Oceanex Income Fund is a Montréal based limited purpose trust that
operates through its wholly owned subsidiary, Oceanex Inc., an intermodal
transportation business in Canada. Trust units of Oceanex Income Fund are
traded on the Toronto Stock Exchange under the symbol "OAX.UN".
For additional information about Oceanex Income Fund, visit www.sedar.com
and the Fund's website at www.oceanex.com.
For further information:
For further information: please contact: Daniel Bélisle, Vice-president,
Finance & Administration, (514) 875-9244, email@example.com