GENIVAR Income Fund
TSX : GNV.UN

GENIVAR Income Fund

June 05, 2006 09:42 ET

GENIVAR Income Fund Announces Closing of the Over-Allotment Option

MONTREAL, QUEBEC--(CCNMatthews - June 5, 2006) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

GENIVAR Income Fund (the "Fund") is pleased to announce the closing of the over-allotment option exercised in full by the underwriters of the initial public offering of the Fund to acquire an additional 1,000,000 units at a price of $10.00 per unit, for gross proceeds of $10,000,000. The proceeds were used by the Fund to indirectly acquire 1,000,000 Non-Subordinated Exchangeable LP Units of GENIVAR Limited Partnership from GENIVAR Inc. After giving effect to the over-allotment option and the transactions contemplated thereby, the Fund indirectly owns a 58.1% interest in GENIVAR Limited Partnership. The balance, representing an interest of 41.9%, is held by GENIVAR Inc.

The offering was made through an underwriting syndicate co-led by National Bank Financial Inc. and TD Securities Inc., and also included BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Raymond James Ltd. and Canaccord Capital Corporation.

The Fund's units trade on the Toronto Stock Exchange under the symbol GNV.UN.

GENIVAR is a leading Canadian engineering services firm providing private and public sector clients with a full range of professional consulting services through all execution phases of a project including planning, design, construction and maintenance. Its clients, which are of varying sizes, fall into various market segments such as building, industrial and power, urban infrastructure, transportation and environment. With the acquisition of MacViro, GENIVAR is one of the largest engineering services firm in Canada in terms of number of employees with approximately 1,300 managers, professionals, technicians and technologists and support staff in 31 offices in Canada and two offices in Trinidad and Tobago.

The units have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of such Act. Accordingly, this press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such jurisdiction.

Contact Information

  • GENIVAR
    Marlene Casciaro
    Director of Communications
    (514) 340-0046, ext. 184