PRT Forest Regeneration Income Fund

PRT Forest Regeneration Income Fund

June 10, 2008 19:05 ET

PRT Announces Results from Annual and Special Meeting Vote

VICTORIA, BRITISH COLUMBIA--(Marketwire - June 10, 2008) - PRT Forest Regeneration Income Fund (TSX:PRT.UN) announced today the voting results of its Annual and Special Meeting, which was held on June 9, 2008.

The incumbent board of Trustees, consisting of Colin Dobell, Allan Laird, George Stevens and John Taylor, in addition to President and CEO John Kitchen, were elected as Trustees by a majority of the ballots cast on the motion, versus a proposed alternate slate. The Trustees also obtained the direction of unitholders to appoint the same individuals as Directors of Pacific Regeneration Technologies Inc., the Fund's wholly owned operating subsidiary. The alternate slate was proposed by a representative of CA Bancorp Inc. Approximately 58% of the units outstanding were voted at the meeting.

Management's proposals to adopt certain amendments to the Trust Indenture and Governance Agreements were defeated as they did not obtain the requisite 66.6% voting support. This necessitated that management's proposed slates of Trustees and Directors be amended to reduce the number of appointees to five from seven.

A management proposal to amend the terms of the 12% Subordinated Unsecured Notes of the Fund was approved. PricewaterhouseCoopers was also re-elected as auditors of the Fund.

Board Chairman Colin Dobell commented: "We are disappointed that we were unable to pass all of our proposals, including the election of two key members of our proposed slate of directors and trustees, which was part of a plan to increase board diversity and provide for longer term succession of board members. Nevertheless, we appreciate the significant proxy support received from our Unitholders for this meeting."

Final voting results will be reported and filed on SEDAR when available.

About the Fund

The PRT Forest Regeneration Income Fund is an open ended, single purpose trust created to own all the common shares and subordinated notes of Pacific Regeneration Technologies Inc. PRT is the largest producer of container grown forest seedlings in North America, with 15 nurseries in Canada and the USA. The Fund's units are listed for trading on the Toronto Stock Exchange under the symbol PRT.UN.

Contact Information

  • PRT Forest Regeneration Income Fund
    Robert Miller
    VP Finance/CFO
    1-866-553-8733 ext. 227