9/24/2012 12:40:00 AM
HEADLINES
Tree Island Becoming Public Corporation
Tree Island Wire Income Fund announced that Unitholders of the fund approved Tree Island’s plan to convert its operation to a publicly traded corporation. The name of the corporation will be Tree Island Steel Ltd.
Tree Island will submit its application to the Supreme Court of Ontario on Sept. 14 to obtain a final order approving the conversion, which is expected to become effective by October 1.
In June Tree Island obtained board approval to convert the fund from an income trust to a corporation.
Unitholder approval of its corporate plan comes days after Tree Island and Teamster Local 213 signed a three-year collective agreement for its Richmond, British Columbia, manufacturing facility.
Launched on November 12, 2002, the fund holds a 100% ownership interest in Richmond, BC-based Tree Island Industries Ltd., which produces fasteners and other wire products. ©2012 GlobalFastenerNews.com
For more information, readers can view the report of voting results in respect of the meeting filed under the Fund’s profile at sedar.com.
Related Links:
Share: