Altus Group Limited Announces Completion of Conversion to a Corporation
TORONTO, ONTARIO–(Marketwire – Jan. 4, 2011) – Altus Group Limited (“Altus Group” or the “Corporation“) (TSX:AIF) is pleased to announce the completion of the conversion of Altus Group Income Fund (the “Fund“) to a corporation named Altus Group Limited, pursuant to a plan of arrangement that was effected on January 1, 2011 (the “Arrangement“) under the Business Corporations Act (Ontario).
“The transition to a corporation marks an important milestone in our history and presents new opportunities for Altus in the future,” said Gary Yeoman, Chief Executive Officer, Altus Group Limited. “For the past five years, our determination to foster a strong business ethic and commitment to our core strategy has served us well. That same determination will continue to ensure that those who support Altus benefit over the long term.”
Effective on the closing of the Arrangement and related transactions, Altus Group now directly and indirectly operates the businesses which were previously operated by the Fund and its subsidiaries. The management and trustees of the Fund are now the management and directors of Altus Group.
Pursuant to the Arrangement, holders of Class B limited partnership units (the “LP Units“) of Altus Group Limited Partnership, a subsidiary of the Fund, received common shares in the capital of the Corporation (the “Shares“) in exchange for their LP Units, on a one-for-one basis. Additionally, pursuant to the Arrangement, holders of Fund units (the “Units“) received Shares in exchange for their Units, on a one-for-one basis. Altus Group now has 22,616,234 Shares outstanding. The Shares are listed on the Toronto Stock Exchange under the symbol “AIF”.
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 years 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 Altus Group 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. Those risks and uncertainties include: general state of the economy; dependence on oil and gas sector; competition in the industry; ability to attract and retain 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, Altus Group 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, Altus Group assumes no obligations to update or revise them to reflect new events or circumstances. Additionally, Altus Group undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, its financial or operating results, or its securities.
Camilla BartosiewiczBartosiewicztoronto-hqVice President, Investor Relations