TSX SYMBOL: CIP.UN
TORONTO, March 25, 2014 /CNW/ - CI Master Limited Partnership ("CIMLP") (TSX: CIP.UN) announced today that the general partner, CI GP Limited ("CIGP"), has initiated the process of dissolving the partnership.
As indicated in the press release of December 19, 2013, three of the underlying partnership distribution agreements within the limited partnership terminated on December 31, 2013, resulting in a reduction of revenues to a level below that of the limited partnership's operating expenses. Therefore, in the view of CIGP, the limited partnership has no reasonable prospect of earning a profit over time.
Upon this determination, under the terms of the constating documents of CIMLP, CIGP is required to dissolve the partnership. CIGP will request that the partnership units be delisted from the Toronto Stock Exchange on or about April 25, 2014, and the dissolution is expected to take place on or about April 30, 2014.
The assets of the partnership will be liquidated to satisfy its liabilities following which a special distribution that is currently estimated at $0.025 per unit will be issued to unitholders of record on April 30, 2014. The dissolution is subject to regulatory approval, as well as approval of the independent review committee and the independent directors of CIGP.
SOURCE: CI Financial Corp.
For further information:
Douglas J. Jamieson
Senior Vice-President and Chief Financial Officer
CI GP Limited