Arctic Glacier Income Fund

Arctic Glacier Income Fund

June 05, 2012 19:57 ET

Ontario Superior Court Approves Settlement of Canadian Unitholder Class Action

WINNIPEG, MANITOBA--(Marketwire - June 5, 2012) - Arctic Glacier Income Fund (CNSX:AG.UN) today announced that Ontario Superior Court has approved the settlement of the class action lawsuit filed by unitholders of the Fund.

The settlement, announced on February 8, 2012, was subject to the approval by the Court. The Court Order found the settlement of $13.75 million to be fair and reasonable to the class members and approved the Settlement Agreement. The settlement will be entirely funded by Arctic Glacier's insurers, without the Fund making any admission of liability or making any monetary contribution to the settlement.

The class action named the Fund, its trustees, its operating company, Arctic Glacier Inc. and certain of its current and past senior officers and directors. The suit sought damages on behalf of all persons who acquired Arctic Glacier units between March 22, 2002 and September 16, 2008.

The Court Order approving the settlement and the Settlement Agreement provides for an opt-out period of 60 days for those class members who elect not to participate in the settlement. The opt-out period will begin to run from the date the Notice of Court Approval is published, which is expected to be June 13, 2012. The settlement is expected to become final and binding, including the release of all parties from all claims advanced in the class action, at the expiry of the opt-out period.

About Arctic Glacier

Arctic Glacier Income Fund, through its operating company, Arctic Glacier Inc., is a leading producer, marketer and distributor of high-quality packaged ice in North America, primarily under the brand name of Arctic Glacier® Premium Ice. Arctic Glacier operates 39 production plants and 47 distribution facilities across Canada and the northeast, central and western United States servicing more than 75,000 retail locations.

Arctic Glacier Income Fund trust units are listed on the Canadian National Stock Exchange under the trading symbol AG.UN. There are 350.3 million trust units outstanding.

Contact Information

  • Arctic Glacier Income Fund
    Keith McMahon
    President & CEO
    Toll free investor relations phone: 1-888-573-9237

    Arctic Glacier Income Fund
    Doug Bailey
    Chief Financial Officer
    Toll free investor relations phone: 1-888-573-9237