Arbutus Distributors Ltd.

P.M. Bull Holdings Ltd.

July 14, 2008 19:29 ET

Arbutus Distributors Ltd. and P.M. Bull Holdings Ltd.: News Release

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2008) - Effective July 10, 2008, Arbutus Distributors Ltd. ("Arbutus") acquired ownership of 1,784,300 Class A voting trust units in the capital of Hardwoods Distribution Income Fund (the "Class A Units"), representing approximately 12.38% of the issued and outstanding Class A Units, from P.M. Bull Holdings Ltd. ("Holdings"). The Class A Units were purchased by Arbutus privately from Holdings at a price of $4.46 per Class A Unit. As a result of the acquisition of the Class A Units by Arbutus from Holdings, Arbutus owned 1,784,300 Class A Units, representing 12.38% of the issued and outstanding Class A Units after giving effect to the transaction, and Holdings owned no Class A Units, representing 0% of the issued and outstanding Class A Units after giving effect to the transaction.

Arbutus acquired the Class A Units for investment purposes only and it may increase or decrease its ownership position in the future.

Contact Information

  • Arbutus Distributors Ltd.
    Information inquiries:
    (604) 682-2911
    (604)682-2729 (FAX)
    or
    P.M. Bull Holdings Ltd.
    (604) 682-2911
    (604) 682-2729 (FAX)