MRO Magazine

Wajax to convert into a corporation

Toronto, ON -- Wajax Income Fund, which includes industrial distributor Kinecor LP in its holdings, has announ...


Toronto, ON — Wajax Income Fund, which includes industrial distributor Kinecor LP in its holdings, has announced that the proposal to convert the Fund into a corporation pursuant to a Plan of Arrangement under the Canada Business Corporations Act was approved at the Annual and Special Meeting of Unitholders in May 2010, with more than 88% of the votes being cast in favour of the Arrangement.

An application was made to the Ontario Superior Court of Justice on May 25, 2010, for the final order approving the Arrangement. If the order is granted and other conditions are satisfied or waived, the Fund expects the Arrangement will become effective on or about January 1, 2011.

The Arrangement contemplates all the units of the Fund will be acquired by Wajax Corporation in an automatic one-for-one unit for share exchange.

The shares of Wajax Corporation have been conditionally approved for listing on the Toronto Stock Exchange. No changes in the business of Wajax or its management are anticipated due to the conversion. The Board of Wajax Corporation is anticipated to comprise Neil Manning and the Trustees elected at the annual meeting of unitholders.

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Wajax Income Fund is a Canadian distributor and service support provider of mobile equipment, industrial components and power systems. Reflecting a diversified exposure to the Canadian economy, its three distinct core businesses operate through a network of 110 branches across Canada. Its customer base spans natural resources, construction, transportation, manufacturing, industrial processing and utilities.