Dominion Citrus Income Fund
TSX : DOM.UN

Dominion Citrus Income Fund
Dominion Citrus Limited
TSX : DMN.PR.A

Dominion Citrus Limited

December 16, 2014 14:02 ET

Dominion Citrus Income Fund and Dominion Citrus Limited Announce Termination of Proposed Transaction

TORONTO, ONTARIO--(Marketwired - Dec. 16, 2014) - Dominion Citrus Income Fund (TSX:DOM.UN) (the "Fund") and Dominion Citrus Limited ("DCL") (TSX:DMN.PR.A) advise that the proposed sale of the common shares of DCL by the Fund to Michael Blair, a former Fund trustee, for $500,000 cash in accordance with the terms of a letter agreement dated September 8, 2014, as amended on November 5, 2014, (the "Proposed Transaction") has been terminated. The Fund and DCL were served with a notice of application (the "Application") commenced in the Ontario Superior Court of Justice by Solar Harvest Company Ltd. and Robert Fortune, holders of Series A preference share in the capital of DCL. As previously announced (see press release dated November 19, 2014), on the advice of legal counsel, the Fund determined to take no further action with respect to the Proposed Transaction pending resolution of the subject matter of the Application. Accordingly, the Proposed Transaction cannot be completed on or before the December 31, 2014 deadline agreed to by the parties. The Fund has paid Mr. Blair a break fee of $25,000. The Application is currently scheduled to be heard in the Ontario Superior Court of Justice on February 25, 2015.

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. The Series A preference shares of DCL are listed on the TSX under the symbol DMN.PR.A.

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, including the Proposed Transaction and the Application. 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 business, including those described in the Fund's and DCL's most recent annual information form filed on SEDAR at www.sedar.com. Any forward-looking statements speak only as of the date of this press release, and the Fund assumes 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.

Contact Information

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

    Winston Ash
    President & CEO
    Dominion Citrus Limited
    (416) 242-8341 x 250