The Fund announced that it intends to make a final distribution (the "Final Distribution") of
Only unitholders of record on the Record Date will be entitled to receive the Final Distribution. The ex-dividend date for the Final Distribution will be
The Final Distribution will be made pursuant to the Plan of Compromise or Arrangement of, inter alia, the Fund dated
The Final Distribution will be considered a return of capital. Unitholders should consult their own tax advisors having regard to their particular circumstances.
The Plan can be found on the Monitor's website at http://www.alvarezandmarsal.com/arctic-glacier-income-fund-arctic-glacier-inc-and-subsidiaries (the "Monitor's Website").
More information about the Fund's proceedings under the Companies' Creditors Arrangement Act ("CCAA") can be found on the Monitor's Website.
Pursuant to the Plan, the Fund and its remaining subsidiary also intend to take all steps necessary to wind-up, liquidate, terminate, and/or dissolve promptly after (and for greater certainty, not prior to) the Final Distribution Date. It is anticipated that the Fund will be terminated concurrently with the termination of the ongoing CCAA proceedings following the expiry of any claims for undeliverable or uncashed distributions pursuant to the
The Fund has submitted an application to de-list the Units from trading on the CSE and it is anticipated that such de-listing will occur at the close of business on the Final Distribution Date. The Fund has also instructed the CSE to halt trading of the Units on
The Units are also quoted on the OTC Pink Sheets. Concurrent with the delisting from the CSE, the Fund expects that the Units will be delisted from OTC Pink Sheets. OTC Pink Sheets has notified the Fund that it will not halt the trading of the Units and trading may continue to occur on OTC Pink Sheets following the ex-dividend date and Record Date. However, as noted above, only unitholders of record on the Record Date will be entitled to receive the Final Distribution and no future distributions will be made after the Final Distribution. The ex-dividend date for the Final Distribution will be
Certain statements included herein constitute "forward-looking statements". All statements, other than statements of historical fact, included in this release that address future activities, events, developments or financial performance are forward-looking statements. These forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "will", "requires", "could", "expect", "intend", "plan", "estimate", "anticipate", "believe", "future" or "continue" or the negative thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by the Fund and its management, in light of their experiences and their perception of current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. Investors are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties, assumptions and other factors, many of which are outside the control of the Fund, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, among other things, the CCAA process. Also, the decision to approve the de-listing of the units from the CSE and OTC Pink Sheets is at the discretion of the CSE and OTC Pink Sheets, respectively. Readers are cautioned that the foregoing list is not exhaustive. Such forward-looking statements should, therefore, be construed in light of such factors. If any of these risks or uncertainties were to materialize, or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein. All forward-looking statements attributable to the Fund, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements set forth above. Readers are cautioned not to place undue reliance on forward-looking statements contained herein, which reflect the analysis of the management of the Fund, as appropriate, only as of the date of this release. For more information regarding these and other risks, readers should consult the Fund's reports on file with applicable securities regulatory authorities accessible online by going to SEDAR at www.sedar.com. The Fund is under no obligation, and the Fund expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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