Contrans Income Fund completes conversion into corporation

WOODSTOCK, ON, Dec. 1 /CNW/ - (TSX:CSS.UN) Contrans Income Fund (the "Fund") today announced the completion of the previously announced plan of arrangement resulting in the successful conversion of the Fund from an income trust to a corporate entity, Contrans Group Inc. ("Contrans").

    
    Pursuant to the plan of arrangement:

    -   holders of subordinate voting units will receive in exchange for each
        of their subordinate voting units, one Class A Subordinate Voting
        Share of Contrans;

    -   holders of Class A limited partnership units of each of Contrans
        Holding Limited Partnership, Contrans Services LP and Contrans
        Holding II LP will receive, in exchange for one Class A limited
        partnership unit of each such partnership, one Class A Subordinate
        Voting Share; and

    -   holders of Class B limited partnership units of Contrans Holding
        Limited Partnership, Contrans Services LP and Contrans Holding II LP
        will receive, in exchange for one Class B limited partnership unit of
        each such partnership, one Class B Multiple Voting Share of Contrans.
    

"Operating under a corporate structure will provide us with additional financial flexibility regarding the growth and retention of capital and better position Contrans to facilitate its future growth plans," said Stanley Dunford , Chairman and Chief Executive Officer.

The Class A Subordinate Voting Shares are expected to start trading on the Toronto Stock Exchange under the symbol "CSS" at the opening of trading on December 3, 2009 . Concurrently, the units of the Fund will be delisted from the Toronto Stock Exchange and the Fund will submit an application to cease to be a reporting issuer in all provinces of Canada in which it is a reporting issuer or the equivalent thereof.

For further information: Stan G. Dunford, Chairman and Chief Executive Officer, or Gregory W. Rumble, President and Chief Operating Officer, Phone: [phone], E-mail: [email protected], Web site: www.contrans.ca