TORONTO, ONTARIO--(Marketwired - July 26, 2016) - Dominion Citrus Income Fund (TSX:DOM.UN) (the "Fund") announces that the unitholders of the Fund approved the sale of the assets of the Fund to Dominion Holding Corporation (formerly 2510891 Ontario Inc., (the "Purchaser")), the nominee of Paul Scarafile, Interim President and CEO of Dominion Citrus Limited ("DCL"). The unitholders also approved a special resolution to authorize the trustees to proceed with an ordinary winding-up and termination of the Fund. Detailed results of the vote held at the Special Meeting of unitholders of the Fund on July 25, 2016 are set out below:
| General Business | Outcome | Votes FOR | % Votes | Votes | % Votes | ||||||
| of Vote | FOR | AGAINST | AGAINST | ||||||||
| 1. | Resolution to sale of assets of the Fund: | ||||||||||
| A: Voting by all units including units owned directly or indirectly, or over which control or direction is exercised by Paul Scarafile and by 2510891 Ontario Inc. | Approved | 17,279,978 | 97.38 | % | 464,932 | 2.62 | % | ||||
| B: Voting excluding units owned directly or indirectly, or over which control or direction is exercised by PaulScarafile and by 2510891 Ontario Inc. | Approved | 13,042,978 | 96.56 | % | 464,932 | 3.44 | % | ||||
| 2. | Resolution to authorize the trustees to proceed an ordinary winding-up and termination of the Fund: | Approved | 17,279,978 | 97.38 | % | 464,932 | 2.62 | % | |||
Voting results on all matters voted on at the Special Meeting were filed on SEDAR at www.sedar.com
The Fund intends to close the sale of the assets of the Fund to the Purchaser as soon as practicable.
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.
Contact Information:
Peter McLaughlin
Chairman of the Board of Trustees
(416) 802-2367