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Spinrite Income Fund terminates Unitholder Rights Plan
30 May '06
2 min read
Craft yarn producer Spinrite Income Fund has announced the termination of its Unitholder Rights Plan (the 'Rights Plan').
The Rights Plan became effective upon entering into the Unitholder Rights Plan Agreement dated February 17th 2006, as amended on April 25th 2006, subject to unitholder approval.
Approval of the Rights Plan required a majority of the votes cast at the Annual and Special Meeting of the Fund's unitholders held on May 23rd 2006.
Management received enough proxies voting against the Rights Plan to believe the Rights Plan would not be approved. As the Fund did not wish to act in a manner not supported by its unitholders, the board of trustees of the Fund withdrew the resolution to approve the Rights Plan.
The Fund will redeem the rights issued pursuant to the Rights Plan at the redemption price of $0.00001 per right. No payments will be made to holders entitled to receive less than $10.00 in respect of all of the rights held by such holder.
Spinrite Income Fund is the largest producer and marketer of craft yarn in Canada and one of the largest in the United States. Established in 1952, Spinrite researches, develops, manufactures and markets a broad variety of consumer craft yarns. It also supports its market with patterns that provide customers with creative ideas for knitted products.
Spinrite has approximately 520 employees at itsfully integrated manufacturing and distribution centre in Listowel, Ontario.
The Rights Plan became effective upon entering into the Unitholder Rights Plan Agreement dated February 17th 2006, as amended on April 25th 2006, subject to unitholder approval.
Approval of the Rights Plan required a majority of the votes cast at the Annual and Special Meeting of the Fund's unitholders held on May 23rd 2006.
Management received enough proxies voting against the Rights Plan to believe the Rights Plan would not be approved. As the Fund did not wish to act in a manner not supported by its unitholders, the board of trustees of the Fund withdrew the resolution to approve the Rights Plan.
The Fund will redeem the rights issued pursuant to the Rights Plan at the redemption price of $0.00001 per right. No payments will be made to holders entitled to receive less than $10.00 in respect of all of the rights held by such holder.
Spinrite Income Fund is the largest producer and marketer of craft yarn in Canada and one of the largest in the United States. Established in 1952, Spinrite researches, develops, manufactures and markets a broad variety of consumer craft yarns. It also supports its market with patterns that provide customers with creative ideas for knitted products.
Spinrite has approximately 520 employees at itsfully integrated manufacturing and distribution centre in Listowel, Ontario.
Spinrite Income Fund
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