Park Lawn Income Trust

Park Lawn Income Trust

December 10, 2010 15:02 ET

Park Lawn Income Trust Unitholders Approve Conversion to a Corporation

TORONTO, ONTARIO--(Marketwire - Dec. 10, 2010) - Park Lawn Income Trust ("Park Lawn") (TSX VENTURE:PLC.UN) announced that at today's special meeting of unitholders of the Fund, the unitholders approved the conversion of the Fund's income trust structure into a public corporation named Park Lawn Corporation.

The conversion is being undertaken pursuant to a plan of arrangement (the "Plan") under the Business Corporations Act (Ontario). The Plan received the support of 99.8% of units voted on the resolution for conversion. Subject to the final approval of the Ontario Superior Court of Justice and other required approvals, it is anticipated that the Plan will be completed on or about December 31, 2010. Pursuant to the plan, each holder of Fund units will receive, for each Fund unit held, one common share of Park Lawn Corporation.

Park Lawn Income Trust is an unincorporated, open-ended, limited purpose trust created on July 12, 2006. Park Lawn, through its subsidiaries, Park Lawn Limited Partnership and Park Lawn Management Services Inc. is the owner and operator of six cemeteries in the Greater Toronto Area. The six cemeteries are: Park Lawn Cemetery, Riverside Cemetery & Crematorium, Sanctuary Park Cemetery, Westminster Cemetery, Crematorium & Mausoleum, Forest Lawn Crematorium & Mausoleum, and Hillcrest Cemetery. The cemeteries have been in existence and in operation since 1892. The cemeteries and crematoria offer products and services associated with cremation, burial rights and services. In addition, Park Lawn, through its subsidiaries, is a 50% owner of Bloorpark Developments Inc., an entity established for the development of the Kingsway Condominium project on Bloor Street West.

Forward-Looking Statements

This Press Release contains forward-looking statements that involve assumptions and estimates that may not be realized and are based on information currently available to Park Lawn. Actual results may differ materially from results discussed in forward-looking statements as they are subject to a number of risks and uncertainties.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Park Lawn Income Trust
    Frank Mills