MONTREAL (Sept. 16, 2002) — TransForce Inc. shareholders have approved the company’s proposed conversion into an income fund.
In a press release, the company said 99% of the shares voted at a meeting last week were in favour of the conversion. Upon completion of the conversion, expected later this month, the company will be known as TransForce Income Fund.
The company said that, as part of its conversion, it will apply to the Quebec Superior Court for a final order. The court granted an interim order for the conversion Aug. 1. The motion for the final order is scheduled to be heard Sept. 17.
As an income fund, TransForce will make monthly distributions of its available cash to the holders of its units. Shareholders of TransForce Inc. will continue to own, through the fund, an economic interest in TransForce’s business on the same basis as at present.
TransForce operates Cabano Kingsway, TST Overland, Canpar, and other ground transportation and logistics businesses.
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