CALGARY, Jan. 22 /CNW/ - Enerflex Systems Income Fund ("Enerflex") (TSX:EFX.UN) announces that Toromont Industries Ltd. ("Toromont") (TSX:TIH) has taken up and paid for 39,583,074 trust units of Enerflex and 2,640,692 Class B limited partnership units of Enerflex Holdings Limited Partnership pursuant to Toromont's offer dated November 16, 2009, as varied and extended on January 7, 2010, which offer expired at 8:00 p.m. (Toronto time) on January 20, 2010. As a result, together with trust units owned by Toromont prior to commencement of the offer, Toromont now owns approximately 96% of the outstanding Enerflex trust units on a fully diluted basis. The units owned by Toromont are sufficient to cause the redemption and acquisition of all of the remaining trust units and Class B limited partnership units.
In light of the foregoing and in accordance with the support agreement dated December 17, 2009 among Enerflex, Enerflex Holdings General Partner Ltd., Enerflex Holdings Limited Partnership and Toromont, the board of directors (the "Board of Directors") of Enerflex Holdings General Partner Ltd., the administrator of Enerflex, has been reconstituted through the resignations of the members of the Board of Directors and the appointment of nominees of Toromont to the Board of Directors. The Board of Directors is now comprised of Robert M. Ogilvie, the Chairman and Chief Executive Officer of Toromont, Paul R. Jewer, the Vice President Finance and Chief Financial Officer of Toromont, and David C. Wetherald, the Vice President Human Resources and Legal of Toromont.
SOURCE ENERFLEX SYSTEMS INCOME FUND