Morneau Sobeco Income Fund
TSX : MSI.UN

Morneau Sobeco Income Fund

November 23, 2010 10:03 ET

Morneau Sobeco Announces Amendment to Post-Conversion LTIP

TORONTO, ONTARIO--(Marketwire - Nov. 23, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Morneau Sobeco Income Fund (the "Fund" or "Morneau Sobeco") (TSX:MSI.UN) announced today that it has amended the terms of the long term incentive plan (the "Newco LTIP") proposed to be adopted by its successor Morneau Sobeco Inc. following approval of a plan of arrangement to effectively convert the Fund into a corporation (the "Conversion"). Approval of the Newco LTIP is to be voted on by the Fund's unitholders at a special meeting to be held on November 29, 2010, at which time the unitholders will also vote on approval of the Conversion. 

The Newco LTIP has been amended to place a limit on the participation by non-employee directors. The aggregate number of LTIP units that may be granted pursuant to the Newco LTIP to directors who are not employees within any one-year period under the plan shall not exceed the lesser of (a) 1% of the number of common shares issued and outstanding to the directors who are not employees as a group, and (b) $100,000 per director who is not an employee (assuming each LTIP unit granted has a value equal to the fair market value of an equivalent number of common shares on the grant date).

ISS Proxy Advisory Services has reviewed the amendment to the Newco LTIP and we understand is now recommending that unitholders of the Fund vote FOR the adoption of the Newco LTIP at the meeting. If you are a unitholder that has already voted and now wish to change your vote on the Newco LTIP, you should contact your securities broker, financial institution, custodian or other intermediary as soon as possible to revoke your prior voting instruction form or proxy and submit a new voting instruction form or proxy as soon as possible. 

About Morneau Sobeco Income Fund

Morneau Sobeco Income Fund Canada's largest human resource consulting and outsourcing firm focused on pensions, benefits, employee assistance program (EAP) and workplace health management and productivity solutions. We offer business solutions that help our clients reduce costs, increase employee productivity and improve their competitive positions by supporting their employees' financial security, health and well-being.

Contact Information

  • Morneau Sobeco Income Fund
    Investor Relations
    (416) 445-2700