TORONTO, Dec. 31 /CNW/ - IBI Income fund (the "Fund"), (TSX: IBG.UN) announced today that IBI Group Management Partnership (the "Management Partnership") has transferred 1,748,139 units of the Fund owned by the Management Partnership to an affiliated partnership, IBI Group Investment Partnership (the "Investment Partnership"). The principals of the corporate partners of the Investment Partnership are also principals of the corporate partners of the Management Partnership.
Following the acquisition of units, the Investment Partnership owns 13.7% of the outstanding Fund units. The Investment Partnership acquired the units from the Management Partnership at a price $16.89 per unit. The Investment Partnership acquired the units for investment purposes as well as for allocation to retired partners of the Management Partnership. The Investment Partnership intends to acquire the remainder of the Fund units owned by the Management Partnership in 2010. In addition, the Investment Partnership may increase or reduce its investment in Fund units according to market conditions or other relevant factors.
The transfer of the Fund units was exempt from the prospectus requirement of applicable Canadian securities legislation based on an exemption relating to trades to an affiliate of a founder of the issuer.
About IBI Income Fund
The Fund is a TSX listed income trust, which pays monthly distributions and trades under the symbol "IBG.UN". The Fund holds an indirect 71.7% in IBI Group, a partnership which, directly and through its subsidiary entities, provides professional services, including planning, design, implementation, analysis of operations and other consulting services in relation to four main areas of development, being urban land, building facilities, transportation networks and systems technology. The remaining 28.3% of IBI Group is owned by the Management Partnership which together with its and the Investment Partnership's share in the indirect interest of the Fund holds a combined 46.3% interest.
SOURCE IBI Group Inc.
For further information: For further information: Philip Beinhaker, IBI Group Investment Partnership, 230 Richmond Street West, 5th Floor, Toronto, ON, M5V 1V6, Tel: (416) 596-1930