Clearwater Seafoods Income Fund has announced that its unitholders have overwhelmingly approved the previously announced transaction pursuant to which CS Acquisition Limited Partnership, a partnership owned by a consortium led by Clearwater Fine Foods Inc., will acquire the business of the Fund and the Fund will redeem all of its outstanding trust units, other than certain trust units beneficially owned by members of the consortium, for cash consideration of $4.50 per trust unit.
It is said that the resolution was overwhelmingly approved by unitholders represented at the meeting as well as by a majority of the units represented at the meeting that are not held by members of the consortium and certain other interested and/or related parties. According to the company the $4.50 per trust unit will be paid to unitholders without any further action on their part upon the closing of the transaction, which remains subject to the satisfaction or waiver of various conditions.
According to the Fund although holders of each series of the Fund’s convertible debentures represented at the meeting of debenture holders and had deposited proxies overwhelmingly in favour of the debenture holder resolution to be considered at the meeting, the meeting had to be adjourned due to a lack of quorum.
