FP Newspapers Income Fund

FP Newspapers Income Fund

January 04, 2011 06:00 ET

FP Newspapers Income Fund Converts to a Corporation

WINNIPEG, MANITOBA--(Marketwire - Jan. 4, 2011) - Effective December 31, 2010, FP Newspapers Income Fund (TSX:FP.UN) (the "Fund") completed its previously-announced conversion from an income trust to a corporate structure pursuant to a plan of arrangement. Under the plan of arrangement, Unitholders of the Fund received, for each unit of the Fund held, one common share of the resulting public corporation, FP Newspapers Inc. ("FPI"). Immediately after the completion of the conversion, there were 6,902,592 common shares of FPI issued and outstanding. The common shares of FPI are expected to commence trading on the Toronto Stock Exchange on or about January 7, 2010 under the symbol "FPI". Concurrently, the Fund's units will be delisted. The CUSIP number for FPI's common shares is 302586201.

Immediately following the closing of the arrangement, FPCN Holdings Trust and the Fund were wound up and dissolved. FPI has acquired all of the assets and assumed all of the liabilities of those entities, including the obligation to pay out to Unitholders of the Fund of record at the close of business on December 31, 2010 the cash distribution of $0.06 per unit that was declared by the Fund on December 14, 2010.

FP Canadian Newspapers Limited Partnership owns the Winnipeg Free Press, the Brandon Sun, and their related businesses, as well as the Canstar Community News division, the publisher of eight community and special interest newspapers in the Winnipeg region. The Winnipeg Free Press publishes six days a week for delivery to subscribers and single copy sales, serving Winnipeg and Manitoba with an average Monday through Saturday circulation of approximately 126,500 copies. On Sundays the Winnipeg Free Press publishes a tabloid size newspaper sold through single-copy retail outlets and vending boxes. The Brandon Sun publishes seven days a week, serving the region with an average circulation of approximately 15,200 copies. Canstar Community News publishes weekly with an average circulation of approximately 200,000 copies. Based in Winnipeg, the businesses employ approximately 550 people in Winnipeg and Brandon. Further information can be found at www.fpnewspapers.com, and in the disclosure documents filed by FP Newspapers Income Fund with the securities regulatory authorities available at www.sedar.com.

Contact Information

  • FP Newspapers Income Fund
    Daniel Koshowski
    Vice President, Finance and Administration
    (204) 697-7425
    (204) 632-0281 (FAX)