Dominion Citrus Income Fund
TSX : DOM.UN

Dominion Citrus Income Fund

August 02, 2016 09:17 ET

Dominion Citrus Income Fund Announces the Completion of Sale of Assets

TORONTO, ONTARIO--(Marketwired - Aug. 2, 2016) - Dominion Citrus Income Fund (TSX:DOM.UN) (the "Fund") reports that, further to its May 12, May 16, May 24 and July 26, 2016 news releases, on Friday July 29, 2016, the Fund completed the sale of assets to Dominion Holding Corporation (formerly 2510891 Ontario Inc.) pursuant to the Share, Debt, Security and Option Purchase Agreement (the "Definitive Agreement") dated on May 24, 2016. The Fund signed a Definitive Agreement with 2510891 Ontario Inc. (the "Purchaser"), the nominee of Paul Scarafile, President and CEO of Dominion Citrus Limited ("DCL"), to sell the assets of the Fund to the Purchaser for an aggregate purchase price of $10,805,070. The assets of the Fund which were sold are the common shares of DCL, the participating notes issued by DCL in favour of the Fund and the option issued by DCL to the Fund for the purchase by the Fund of the common shares of Dominion Farm Produce Limited, one of the subsidiaries of DCL, (collectively, the "Assets"). On July 25, 2016, the unitholders of the Fund approved the sale of assets of the Fund and also approved a special resolution to authorize the trustees to proceed with an ordinary winding-up and termination of the Fund.

The Fund and DCL have posted Definitive Agreement on SEDAR under the issuer profiles for the Fund and for DCL.

About Dominion

The Fund is a publicly traded, unincorporated, open-ended limited purpose income trust. On January 1, 2006, all of the common shares of DCL were exchanged for trust units of the Fund. The trust units are listed on the TSX under the symbol DOM.UN.

DCL is a diversified food company supplying fresh produce to a wide variety of customers in retail, foodservice and food distribution businesses. DCL provides procurement, processing, repacking, sorting, grading, warehousing and distribution services to its major domestic markets being Ontario and Québec. DCL also supplies products to customers in the United States. The Fund's website may be accessed at www.dominioncitrus.com.

Cautionary Statement Regarding Forward Looking Information and Statements

Certain statements contained in this press release contain "forward-looking information" pursuant to Canadian securities laws ("forward-looking statements"). Forward-looking statements relate to future events or the Fund's or DCL's future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", "pursue", "potential" and "capable" and similar expressions are intended to identify forward-looking statements. These forward-looking statements may be affected by the risks and uncertainties in the Fund's and DCL's businesses, including those described in the Fund's and DCL's most recent annual information form filed on SEDAR at www.sedar.com. The forward-looking statements in this press release include proposed winding up of the Fund and the proposed distribution, after winding up and other expenses, of the net proceeds of the sale of Assets to Unitholders. Any forward-looking statements speak only as of the date of this press release, and the Fund and DCL assume no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date of this press release except as required by applicable securities laws.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Dominion Citrus Income Fund
    Peter McLaughlin
    Chairman of the Board of Trustees
    (416) 802-2367