Black Diamond Income Fund and Black Diamond Group Limited Announce Completion of Conversion to a Dividend Paying Company
December 31, 2009
ALBERTA--(Marketwire - Dec. 31, 2009) - Black Diamond Income Fund (TSX:BDI.UN) (the
"Fund") and Black Diamond Group Limited ("Black
Diamond") are pleased
to announce the successful completion of the previously announced plan of
arrangement (the "Arrangement") pursuant to which the Fund has
been converted to a dividend paying company named "Black Diamond Group
was overwhelmingly approved by over 78% of the votes cast by unitholders of the
Fund at a special meeting of unitholders held on December 17, 2009. Pursuant to
the Arrangement, previous holders of trust units ("Trust Units")
of the Fund are entitled to receive an equal number of common shares ("Common
Shares") of Black Diamond.
effect to the Arrangement, Black Diamond has approximately 13.7 million
Common Shares issued and outstanding.
A Letter of
Transmittal has been forwarded to unitholders of the Fund to be utilized in
order to exchange their Trust Units for Common Shares.
Within 2 to 3
business days of the Toronto Stock Exchange (the "TSX")
confirming receipt of all necessary documents in connection with the closing of
the Arrangement and related matters, the Trust Units will be delisted from the
TSX. Concurrent with the delisting of the Trust Units, the Common Shares of
Black Diamond will be listed on the TSX under the symbol "BDI".