Altus Group Income Fund Announces Approval of Plan of Arrangement to Convert From Income Trust to Public Corporation and December Distributions
TORONTO, ONTARIO–(Marketwire – Dec. 10, 2010) – Altus Group Income Fund (the “Fund“) (TSX:AIF.UN) is pleased to announce that it received a final order from the Ontario Superior Court of Justice approving its proposed reorganization from an income trust structure into a public corporation (to be named Altus Group Limited) pursuant to a plan of arrangement (the “Arrangement“). The Arrangement had previously received the approval of a requisite majority of unitholders and special voting unitholders voting at a duly constituted special meeting of unitholders and special voting unitholders held on December 8, 2010. Full details of the Arrangement are described in the management information circular dated November 8, 2010 that was mailed to all unitholders and special voting unitholders.
The completion of the Arrangement is also subject to approval of the TSX for the substitutional listing of the common shares to be issued in connection with the reorganization, the continued listing of the debentures and the receipt of any necessary third party consents. There can be no certainty, nor can the Fund provide any assurance, that these conditions will be satisfied or, if satisfied, when they will be satisfied. However, if these conditions are satisfied as anticipated, the Arrangement is scheduled to be effective on or about January 1, 2011.
The Fund is also pleased to announce its distributions for the month of December 2010. The cash distribution will be $0.10 per unit. Payment will be made on December 31, 2010 to unitholders of record as at December 21, 2010.
Altus Group Limited
Altus Group is the leading multidisciplinary provider of independent real estate consulting and professional advisory services worldwide. With a staff of over 1,700, Altus Group has a network of over 60 offices in 14 countries worldwide, including Canada, UK, Australia, Asia and the United States. We operate four interrelated Business Units, bringing our range of expertise together into one comprehensive platform: Research, Valuation and Advisory; Cost Consulting and Project Management; Realty Tax Consulting and Geomatics services. AltusÊ¹ clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords and companies engaged in the oil and gas industry.
For more information on Altus Group, please visit: www.altusgroup.com.
Certain statements in this press release may constitute “forward-looking” statements, which involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Fund and its subsidiary entities, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements use words such as “may”, “will”, “expect”, “believe”, “plan”, “would”, “could” and other similar terminology. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in the Fund’s publicly filed documents, including the Annual Information Form, dated March 24, 2010 (which are available on SEDAR at www.sedar.com). Those risks and uncertainties include: general state of the economy; dependence on oil and gas sector; competition in the industry; reliance on and retention of professionals; interest rate risk; currency risk; credit risk; ability to maintain profitability and manage growth; revenue and cash flow volatility; dependence on Canadian multi-residential market; integration of acquisitions; protection of intellectual property; weather; fixed-price and contingency engagements; performance of obligations / maintenance of client satisfaction; appraisal mandates; customer concentration; restrictions on potential growth; operating risks; risk of future legal proceedings; legislative and regulatory changes and insurance limits. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Fund cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and, except in accordance with applicable law, the Fund assumes no obligations to update or revise them to reflect new events or circumstances. Additionally, the Fund undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Fund, its financial or operating results, or its securities.
Camilla BartosiewiczBartosiewiczVice President, Investor Relations