TORONTO, Dec. 23 /CNW/ - Citadel Fund Administrator and Crown Hill Capital Corporation ("Crown Hill") announced today that the Reorganization approved by unitholders at the Special Meetings has been completed.
On December 2, 2009, the following funds were merged to form Citadel Income Fund:
- Crown Hill Fund;
- Equal Weight Plus Fund;
- Citadel HYTES Fund;
- Citadel Premium Income Fund;
- Citadel S-1 Income Trust Fund; and
- Citadel Stable S-1 Income Fund.
The Citadel Income Fund began trading on the TSX under the symbol CTF.UN on December 3, 2009.
Citadel Income Fund unitholders of record on December 14, 2009 were issued one warrant for each unit held on the record date. Each warrant entitles the holder thereof to subscribe for and purchase from Citadel Income Fund one unit on either December 2, 2010 or December 2, 2011 at a subscription price of $5.55. The warrants are listed on the TSX under the symbol CTF.WT and began trading on December 10, 2009.
As part of the Reorganization, Crown Hill has been appointed as the administrator of each of the following funds:
- Citadel SMaRT Fund;
- Energy Plus Income Trust;
- Financial Preferred Securities Corp.;
- Sustainable Production Energy Trust; and
- CGF Resource 2008 Flow-Through Limited Partnership.
Crown Hill will also continue as the manager and trustee of Citadel Income Fund, Investment Grade Trust and Bond Trust.
On December 18, 2009, Citadel Income Fund sold its interest in the units of CH Fund Administration LP to Crown Hill. In connection with this purchase, Crown Hill entered into a promissory note with Citadel Income Fund in the amount of $9,955,000. The terms and conditions of the purchase and the promissory note were described in Crown Hill Fund's Management Information Circular dated August 27, 2009. In addition to the promissory note the Citadel Income Fund received $18,690,000 in cash.
Board of Directors
Having overseen the completion of the Reorganization, Thomas Allen and Terry Jackson resigned as directors of Crown Hill effective December 22, 2009. Gary Van Nest and Michael Burns have been appointed to the Crown Hill board of directors to fill the vacancies. Wayne Pushka, president and CEO of Crown Hill, said "I would like to thank Tom and Terry for their invaluable contributions and service over the last few years."
Appointment of Chief Financial Officer
Effective December 21, 2009, Davindra Persaud has been appointed the Chief Financial Officer of Crown Hill.
SOURCE Citadel Income Fund
For further information: For further information: please contact us at (877) 261-9674 or Investorrelations@citadelfunds.com