Avenir Diversified Income Trust
TSX : AVF.UN

Avenir Diversified Income Trust
AvenEx Energy Corp.

January 04, 2011 14:42 ET

Avenir Diversified Income Trust and AvenEx Energy Corp. Announce Completion of Corporate Conversion

CALGARY, ALBERTA--(Marketwire - Jan. 4, 2011) - Avenir Diversified Income Trust (the "Trust") (TSX:AVF.UN) and AvenEx Energy Corp. ("AvenEx") are pleased to announce the successful completion of the previously announced plan of arrangement (the "Arrangement") pursuant to which the Trust has been converted to a company with a growth oriented exploration and production focus alongside the business initiatives of the predecessor Trust.

The Arrangement was approved by over 99% of the votes cast by securityholders of the Trust at a special meeting of securityholders held on December 9, 2010. Pursuant to the Arrangement, previous holders of trust units of the Trust ("Trust Units") are entitled to receive an equal number of common shares ("Common Shares") of AvenEx and previous holders of exchangeable shares of Avenir Exchange Corp. ("Exchangeable Shares") are entitled to receive Common Shares based on the exchange ratio in effect on completion of the Arrangement.

After giving effect to the Arrangement, AvenEx will have approximately 52.8 million Common Shares issued and outstanding.

Letters of Transmittal have been forwarded to securityholders of the Trust to be utilized in order to exchange their Trust Units and Exchangeable Shares for Common Shares.

Within 2 to 3 business days of the Toronto Stock Exchange (the "TSX") confirming receipt of all necessary documents in connection with the closing of the Arrangement and related matters, the Trust Units will be delisted from the TSX. Concurrent with the delisting of the Trust Units, the Common Shares of AvenEx will be listed on the TSX under the symbol "AVF ", which listing is anticipated to commence on or about January 7, 2011.

An electronic copy of this press release may be obtained on the Trust's SEDAR profile at www.sedar.com.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • AvenEx Energy Corp.
    William Gallacher
    Chief Executive Officer
    (403) 237-9949
    (403) 237-0903 (FAX)
    or
    AvenEx Energy Corp.
    Gary Dundas
    Chief Financial Officer
    (403) 237-9949
    (403) 237-0903 (FAX)
    or
    AvenEx Energy Corp.
    Suite 300, 808 - 1st Street S.W.
    Calgary, Alberta T2P 1M9