TORONTO, April 20 /CNW/ - Great Lakes Carbon Income Fund (the "Fund')
(TSX:GLC.UN) announced today a cash distribution of C$0.10625 per unit for the
month of April 2007, to be paid on or before May 15, 2007 to unitholders of
record at the close of business on April 30, 2007. It is the Fund's
distribution policy to pay monthly distributions to unitholders of record on
the last business day of each month. Unitholders may be required to pay all
withholding taxes payable in respect of any distributions of income by the
Fund, whether such distributions are in the form of cash or additional units.
As previously announced, the Fund and Oxbow Carbon & Minerals Holdings,
Inc. have entered into a definitive agreement to acquire all of the assets of
the Fund. The aggregate purchase price for these assets is approximately
C$527 million in cash. The proceeds of the sale are expected to be C$14.00 per
outstanding unit of the Fund, which is expected to be distributed to
unitholders following completion of the transaction. The Fund has set March
28, 2007 as the record date and May 2, 2007 as the date for a special meeting
of unitholders to approve the asset sale and the wind-up of the Fund.
Completion of the transaction is anticipated to occur on or about May 8, 2007.
The Fund is a trust established to hold indirectly the securities of GLC
Carbon USA Inc. (the "Company"). The Fund holds an indirect 73.56% interest in
the Company. The Company is the world's largest producer of both anode and
industrial grade calcined petroleum coke ("CPC"). Anode grade CPC is used in
the production of aluminum. Industrial grade CPC is used in the production of
other industrial materials including titanium dioxide. The Company produces
CPC at its facilities located in Port Arthur, Texas; Enid, Oklahoma; Baton
Rouge, Louisiana; and La Plata, Argentina.
The Fund's trust units have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from the
registration requirements of that Act.
For further information:
For further information: Ronald J. Statile, Senior Vice President and
Chief Financial Officer, Great Lakes Carbon LLC, (212) 370-5770