Phoenix Capital Income Trust

Phoenix Capital Income Trust

July 29, 2005 12:14 ET

Phoenix Capital Income Trust: Plan of Arrangement Completed

TORONTO, ONTARIO--(CCNMatthews - July 29, 2005) - Phoenix Capital Income Trust ("Phoenix"), (TSX VENTURE:PNX.UN) advises that the reorganization of Phoenix Capital Inc. (the "Company) into an income trust (the "Trust"), by way of a plan of arrangement (the "Plan"), has been completed.

At a special meeting of shareholders held on Friday June 10, 2005, the resolution approving the Plan was approved without dissent. The Court of Queen's Bench of New Brunswick approved the Plan on June 17, 2005. Pursuant to the Plan, the Trust acquired all 4,814,514 shares of the Company in exchange for 587,738 units of the Trust and $2,500,00 in cash.

As a result of the Plan becoming effective, the shares of the Company were delisted from the TSX Venture Exchange and the units of the Trust were posted for trading under the symbol PNX.UN. The units were halted from trading on June 17, 2005 at the request of the Trust pending the pending the distribution of sufficient units pursuant to the current offering.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Phoenix Capital Income Trust
    James D. Hamilton or Michael Pereira
    (416) 861-1940 or Toll Free: (888) 448-7791
    (416) 861-0128 (FAX)