TORONTO, Jan. 4 /CNW/ - Davis + Henderson Corporation (TSX: DH) ("Davis
+ Henderson" or the "Corporation") today announced that Davis +
Henderson Income Fund (the "Fund") has completed the previously
announced plan of arrangement (the "Arrangement") pursuant to which the
Fund's income trust structure has been converted into a dividend paying
publicly traded corporation named Davis + Henderson Corporation. On
June 17, 2010 unitholders of the Fund approved the Arrangement by a
vote of 99.8%. Under the Arrangement, unitholders of the Fund received,
for each unit of the Fund held, one common share of the Corporation.
Davis + Henderson now directly and indirectly owns and operates the
businesses of the Fund and its subsidiaries and the existing trustees
and management of the Fund are the Corporation's board and management.
Common shares of Davis + Henderson Corporation will commence trading on
the Toronto Stock Exchange on January 4, 2011 under the symbol DH.
The Corporation intends to pay quarterly dividends at an initial
annualized rate of $1.20 per share.
The Corporation also announced the completion of an internal corporate
reorganization designed to better align its operating business and to
simplify its corporate structure. Under the new structure, the
businesses of Davis + Henderson, Filogix, Cyence and Resolve were
combined into a single entity. The Corporation's programs to the
chequing account, loan service solutions, registration services and
lending technology solutions will all be provided by the same entity,
D+H Limited Partnership.
ABOUT DAVIS + HENDERSON
Founded in 1875, Davis + Henderson provides innovative programs,
technology products, and technology based business services to
customers in the financial services industry who offer deposit,
lending, insurance and wealth management products to consumers and
businesses. Davis + Henderson is listed on the Toronto Stock Exchange
under the symbol DH. Further information can be found in the disclosure
documents filed by Davis + Henderson with the securities regulatory
authorities, available at www.sedar.com.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains certain statements that constitute
forward-looking information within the meaning of applicable securities
laws ("forward-looking statements"). Statements concerning Davis +
Henderson's objectives, goals, strategies, intentions, plans, beliefs,
expectations and estimates, and the intended dividend policy of the
Corporation are forward-looking statements. The words "believe",
"expect", "anticipate", "estimate", "intend", "may", "will", "would"
and similar expressions and the negative of such expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements are subject to important assumptions,
including the following specific assumptions: the ability of Davis +
Henderson to meet its revenue targets; general industry and economic
conditions; changes in Davis + Henderson's relationship with its
customers and suppliers; pricing pressures and other competitive
factors. Davis + Henderson has also made certain macroeconomic and
general industry assumptions in the preparation of such forward-looking
statements. While Davis + Henderson considers these factors and
assumptions to be reasonable based on information currently available,
they may prove to be incorrect.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the business, or developments in Davis +
Henderson's industry, to differ materially from the anticipated
results, performance, achievements or developments expressed or implied
by such forward-looking statements.
Risks related to forward-looking statements include, among other things,
challenges presented by declines in the use of cheques by consumers;
the Corporation's dependence on a limited number of large financial
institution customers and dependence on their acceptance of new
programs; stability and growth in the real estate, mortgage and lending
markets; as well as general market conditions, including economic and
interest rate dynamics. Given these uncertainties, readers are
cautioned not to place undue reliance on such forward-looking
statements. Forward-looking statements are based on management's
current plans, estimates, projections, beliefs and opinions, and Davis
+ Henderson does not undertake any obligation to update forward-looking
statements should assumptions related to these plans, estimates,
projections, beliefs and opinions change except as required by
applicable securities laws.
SOURCE Davis + Henderson Income Fund
For further information:
Brian Kyle, Executive Vice President and Chief Financial Officer
Davis + Henderson, Limited Partnership,