Polar Capital Corporation

September 16, 2008 12:38 ET

Impax Energy Services Income Trust: Foreclosure of Units by Polar Capital Corporation

TORONTO, ONTARIO--(Marketwire - Sept. 16, 2008) - Polar Capital Corporation, a secured creditor of Impax Management Limited, announced today that it has exercised its rights of foreclosure and has acquired ownership over an aggregate of 2,207,777 trust units (the "Trust Units") of Impax Energy Services Income Trust previously owned by Impax Management Limited. Polar Capital Corporation had previously announced on August 12, 2008 that it had acquired control over the Trust Units by way of power of sale.

The Trust Units represent 16.1% of the outstanding trust units (after giving effect to the exchange of the Exchangeable Units).

The foreclosure arose as a result of the default by Impax Management Limited on a loan to Polar Capital secured by the Trust Units and Exchangeable Units owned by Impax Management Limited.

Polar has the right to sell any or all Trust Units either through the facilities of the Toronto Stock Exchange or in private transactions. However, Polar is under no obligation to sell the Trust Units.

A copy of a report filed on www.sedar.com in respect of the press release may be obtained from the above.

Contact Information

  • Polar Capital Corporation
    May Anis
    (416) 367-4364
    or
    Polar Capital Corporation
    Steve Mulherin
    (416) 367-4364