VANCOUVER, July 15 /CNW/ - SSI Investments Inc. ("SSI") reports that in connection with the conversion of Sterling Shoes Income Fund (the "Fund") to a corporation (the "Conversion") effective July 1, 2010 by way of a plan of arrangement under the Canada Business Corporations Act, SSI has acquired and currently beneficial owns 1,328,372 common shares of Sterling Shoes Inc. (the "Corporation"), representing 20% of the issued and outstanding common shares of the Corporation.
Pursuant to the Conversion, all outstanding units of the Fund ("Units") and all outstanding exchangeable units of Sterling Shoes Limited Partnership ("Exchangeable LP Units") were exchanged for common shares of the Corporation on a one-for-one basis. Prior to the Conversion, SSI beneficially owned 1,328,372 Exchangeable LP Units which were exchangeable for Units on a one-for-one basis. The Exchangeable LP Units were not listed for trading on any public trading market. The Units were listed for trading on the Toronto Stock Exchange ("TSX") and the closing price of one Unit on TSX on June 30, 2010 was $2.15 per Unit.
SSI holds the Common Shares for investment purposes and may acquire further Common Shares or dispose of Common Shares, in either case as investment conditions warrant.
SOURCE SSI INVESTMENTS INC.
For further information: For further information: A copy of the related early warning report may be obtained from the SEDAR website (www.sedar.com) or by contacting Daniel Gumprich at (604)270-6114