Polar Capital Corporation

August 12, 2008 16:53 ET

Polar Capital Corporation-Impax Energy Services Income Trust: Sale of Units From Control Block

TORONTO, ONTARIO--(Marketwire - Aug. 12, 2008) - Polar Capital Corporation, a secured creditor of Impax Management Limited, announced today that it has exercised its rights to effect a power of sale over an aggregate of 2,207,777 trust units (the "Trust Units") of Impax Energy Services Income Trust owned by Impax Management Limited. The Trust Units include 1,839,477 exchangeable units (the "Exchangeable Units") of Impax Energy Services Master Limited Partnership which Polar Capital Corporation will convert into Trust Units.

In accordance with its rights under the Personal Property Security Act (Ontario), Polar Capital Corporation proposes to sell the Trust Units through the facilities of the Toronto Stock Exchange commencing on and after August 22, 2008.

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

The power of sale 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.

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