Premier Canadian Income Fund completes merger with First Premium Income Trust
TORONTO, June 30 /CNW/ - (TSX: PCU.UN, FPI.UN) - Premier Canadian Income Fund ("PCU") is pleased to announce the completion of its previously-announced merger with First Premium Income Trust ("FPI"). The merger was approved at a special meeting of unitholders of each fund on June 4, 2010.
In connection with the merger, holders of units of FPI became holders of units of PCU, the continuing fund. Each unitholder of FPI received a number of units of PCU determined based on an exchange ratio calculated by reference to the relative net asset values of the units of the funds at the close of trading on June 29, 2010. The table below sets forth the net asset value per unit of each fund and the resultant exchange ratio.
Premier Canadian Income Fund - net asset value per unit $3.4884 First Premium Income Trust - net asset value per unit $10.8963 ------------ Exchange Ratio 3.123581
Unitholders of FPI are not required to take any action to be recognized as unitholders of PCU.
In conjunction with the merger, the trading symbol of PCU changed from "GIP.UN" to "PCU.UN". The units of PCU issued pursuant to the merger are expected to begin trading on the Toronto Stock Exchange on July 2, 2010.
John Mulvihill, President and CEO David Roode, President, Fund Services John Germain, Senior Vice-President Sheila Szela, Vice-President, Finance and CFO A member of the Mulvihill Capital Management Inc. Group of Funds Mulvihill Structured Products 121 King Street West Suite 2600 Toronto, Ontario, M5H 3T9 416.681.3966; 1.800.725.7172 www.mulvihill.com [email protected]
For further information: For further information: Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit www.mulvihill.com
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