Art In Motion Income Fund
TSX : AIM.UN

Art In Motion Income Fund

January 16, 2008 14:12 ET

Art In Motion Income Fund Announces Completion of Transaction Between Clarke Inc. and GVP Holdings Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 16, 2008) - Art In Motion Income Fund ("AIM", or the "Fund") (TSX:AIM.UN) today announced that Clarke Inc. ("Clarke") has acquired GVP Holdings Inc.'s interest in Art in Motion Income Fund pursuant to the terms of the agreement announced by Clarke on December 20, 2007. GVP Holdings Inc. is owned jointly by Garry Peters and Vicki Peters, the founders of the AIM business. Garry and Vicki Peters will resign their positions as directors of the Fund and Art in Motion GP Ltd. in approximately 30 days but have agreed to act as advisors to AIM for a minimum term of one year.

The interest acquired by Clarke includes (i) 627,600 units of AIM; (ii) 535,338 class B limited partnership units of Art in Motion Limited Partnership ("AIM LP"); and (iii) 2,141,352 class C limited partnership units of AIM LP. The Fund indirectly holds all of the Class A limited partner units of AIM LP, representing 75% of the outstanding limited partner units of AIM LP. The 535,338 Class B LP Units and 2,141,352 Class C LP Units referred to above represent the remaining 25% of the outstanding limited partnership units of AIM LP. The AIM units and the Class B LP Units were acquired at a price of $1.15 per unit, and the remaining interest was acquired for nominal consideration. The Class B LP Units are exchangeable for units of the Fund at any time in accordance with the terms and conditions of an exchange agreement dated August 3, 2004. The Class C LP Units are only exchangeable for units of the Fund upon the Fund reaching certain targets for earnings before interest, taxes, depreciation and amortization and distributions, and in accordance with the terms and conditions of the exchange agreement.

Clarke now holds 3,761,605 units of the Fund, representing approximately 46.84% of the total outstanding units of the Fund. Clarke also holds all of the Class B limited partnership units and Class C limited partnership units of Art in Motion Limited Partnership which, when added to the units of the Fund held by Clarke, represents approximately 60.13% of the voting rights attached to all issued and outstanding securities of the Fund.

Concurrent with the closing of the transaction, Gary Collins advised of his resignation from the board or directors of Art In Motion GP Ltd., effective immediately. He will also step down from the board of the Fund and the board of AIM Holdings Trust effective February 14, 2008.

Contact Information

  • Art In Motion Income Fund
    Allan Achtemichuk
    Chief Financial Officer
    1-877-AIM-3233 (1-877-246-3233)