IBI Income Fund

IBI Income Fund

June 08, 2005 16:38 ET

IBI Income Fund Announces Resignation of Marshall A. Cohen as Trustee and the Appointment of Stephen H. Freedhoff as Trustee and Allen Karp as Chair

TORONTO, ONTARIO--(CCNMatthews - June 8, 2005) - IBI Income Fund (the "Fund") (TSX:IBG.UN) announced today that Marshall A. Cohen has submitted his resignation as a Trustee of the Fund for personal reasons. Pursuant to the Amended and Restated Declaration of Trust of the Fund, such resignation will become effective on July 8, 2005, 30 days following the receipt of the resignation by the Fund.

The Fund also announced that Stephen H. Freedhoff has been appointed as a Trustee of the Fund to fill the vacancy among the independent Trustees of the Fund that will be created upon the resignation of Marshall A. Cohen becoming effective, and that Allen. Karp, one of the existing independent Trustees of the Fund, has been appointed to the office of Chair of the Trustees in place of Mr. Cohen. Both appointments will become effective on July 8, 2005 when Mr. Cohen's resignation as a Trustee becomes effective.

Mr. Freedhoff is currently, and has been since 1999, a self-employed consultant, and he is also the chairman of the audit committee of a number of public companies. Prior to June 1999, Mr. Freedhoff was a partner for over thirty years in a national accounting firm. He received a Bachelor of Commerce from the University of Toronto in 1957 and accreditation as a Chartered Accountant in 1961. He has been a Certified Financial Planner since 1998. Mr. Freedhoff is familiar with IBI Group, having acted as the partner in charge of the audit of IBI Group Management Partnership, the predecessor to the business of IBI Group prior to the Fund's initial public offering, for a number of years in the late 1990s.

About IBI Income Fund

The Fund holds an indirect 50% interest in IBI Group, a partnership which provides professional services, including planning, design, implementation, analysis of operations and other consulting services in relation to four main areas of development, being urban land, building facilities, transportation networks and systems technology. The remaining 50% of IBI Group is owned by IBI Group Management Partnership.

The Fund is a TSX-listed income trust, which pays monthly distributions and trades under the symbol "IBG.UN". Holders of units who are non-residents of Canada will be required to pay all withholding taxes payable in respect of any distributions of income by the Fund.

Contact Information

  • IBI Income Fund
    Allan J. Kamerman
    230 Richmond Street West, 5th Floor
    Toronto, ON M5V 1V6
    (416) 596-1930