Dominion Citrus Income Fund
TSX : DOM.UN

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

Dominion Citrus Limited

November 06, 2015 13:00 ET

Dominion Citrus Income Fund (TSX:DOM.UN) and Dominion Citrus Limited (TSX:DMN.PR.A) Announce a Notice of Exercise of Option

TORONTO, ONTARIO--(Marketwired - Nov. 6, 2015) - Dominion Citrus Income Fund (TSX:DOM.UN) (the "Fund") announces it is giving notice to Dominion Citrus Limited (TSX:DMN.PR.A) ("DCL") of the exercise of its option to acquire from DCL all of the shares of Dominion Farm Produce Limited ("DFPL") held by DCL at fair market value and sets November 30, 2015 as the targeted closing date for the transfer of the shares of DFPL to the Fund. In consideration, the Fund will pay DCL fair market value as determined by independent valuator Klein Farber Corporate Finance Inc. and will satisfy such purchase price by: (a) forgiving outstanding interest owed to the Fund by DCL on the Participating Notes ("Notes"); and (b) to the extent of any balance, returning to DCL for cancellation such principal amount of Notes as is needed to fully meet the purchase price established as above.

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 announcements regarding future plans and developments respecting operations of Dominion Farm. 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

    Paul Scarafile
    President & CEO
    Dominion Citrus Limited
    (416) 242-8341 x 250