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.
Merger
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
.
Warrants
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
.
Administrator
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.
Divestiture
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.
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For further information: please contact us at (877) 261-9674 or [email protected]
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