CI Master Limited Partnership - Announces Results of Meeting and Proposal by Amalgamated Income Limited Partnership

    TSX Symbol: CIP.UN

    TORONTO, Jan. 16 /CNW/ - CI GP Limited, the general partner (the "General
Partner") of CI Master Limited Partnership (the "Partnership"), announced the
results of the meeting of limited partners (the "Limited Partners") held today
to consider the proposed transaction (the "Transaction") whereby the
distribution agreements among the Partnership and certain mutual funds would
be terminated in consideration for a termination payment by CI Investments
Inc. ("CI") and the Partnership would be dissolved. The resolution of Limited
Partners to proceed with the Transaction was defeated. Accordingly, the
Transaction will not proceed. Just over 33% of the outstanding limited
partnership units were represented and voted at the Meeting and approximately
52% of these units were voted against the Transaction.
    The General Partner also announced that today it received a conditional,
indicative offer from Amalgamated Income Limited Partnership ("Amalgamated
LP"), an insider of the Partnership, in an executed letter of intent (the
"Letter of Intent") dated January 16, 2008. The Letter of Intent contemplates
an offer (the "Offer") by Amalgamated LP to purchase the assets of the
Partnership for $5,169,584 (or $0.7561 per unit) consisting of up to
$3,800,000 of redeemable, retractable 10% subordinated debentures in
Amalgamated LP and cash in the amount of $1,539,584 less costs of the
transaction and operating expenses until closing of $170,000. The Letter of
Intent indicates that the Offer is conditional on, among other things, the
approval of the board of directors of Amalgamated General Partner Ltd., the
approval of Limited Partners, applicable securities law requirements,
satisfactory completion of a due diligence review and the negotiation of a
definitive acquisition agreement by February 11, 2008. The Letter of Intent is
not binding and there can be no assurance that the Offer will be made by
Amalgamated LP, or that, if made, the Offer will be completed. The General
Partner is considering the terms of the Letter of Intent.

For further information:

For further information: Douglas J. Jamieson, Senior Vice-President and
Chief Financial Officer, CI GP Limited, the general partner of CI Master
Limited Partnership, (416) 364-1145

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890