MONTREAL, Feb. 26 /CNW Telbec/ - Benvest New Look Income Fund (TSX: BCI.UN) (the "Fund") announced today that at the special meeting of the holders ("Fund Unitholders") of trust units and special voting units of the Fund held today, the Fund Unitholders approved the previously announced plan of arrangement (the "Arrangement") under section 192 of the Canada Business Corporations Act (the "CBCA"), involving its operating subsidiary, New Look Eyewear Inc., Sonomax Hearing Healthcare Inc. and the Fund. Pursuant to the Arrangement, the Fund will convert into a corporation to be named New Look Eyewear Inc. and will acquire part of the distribution business of Sonomax. Exchangeable shareholders of New Look also approved the Arrangement at a special meeting held today.
Subject to final approval of the Arrangement by the Superior Court of Québec pursuant to the provisions of the CBCA and the satisfaction of certain other closing conditions, it is expected that the Arrangement will become effective on March 2, 2010. It is expected that the common shares of New Look Eyewear Inc. will begin to trade on the TSX two to three business days following the completion of the Arrangement under the symbol "BCI".
On May 1, 2005, Benvest Capital Inc. was converted into an income trust named the Benvest New Look Income Fund, the purpose of which is to hold securities of New Look Eyewear Inc. This subsidiary is a leading enterprise in the eye care industry in Eastern Canada, with growth opportunities based on demographic trends and the consolidation of the industry in Canada. As of December 31st, 2009, 6,118,328 units of the Fund were issued and outstanding. In addition, 3,870,404 exchangeable shares (on a consolidated basis) of the subsidiary were also issued and outstanding.
This press release may contain certain forward-looking statements that reflect the current views and / or expectations of Benvest New Look Income Fund with respect to its performance, business, and future events. Such statements are subject to a number of risks, uncertainties, and assumptions. Actual results and events may vary. The statements contained in this release are not to be construed as tax advice and holders of units and exchangeable shares should seek their own independent tax advice.
SOURCE BENVEST NEW LOOK INCOME FUND
For further information: For further information: Lise Melanson, (514) 877-4299, ext. 2234