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March 25, 2005
Wajax’s Income Fund Conversion
Publicly traded Canadian distributor sees higher value structure
Wajax Limited, Toronto, CA, a publicly traded distributor on the Toronto Stock Exchange, plans to convert the company into an income fund, where current shareholders will exchange their common shares for units in the new income trust fund. The rationale is that the income fund structure will create higher value units than Wajax’s common shares, based in part on its low ongoing capital requirements relative to the company’s ability to generate cash flow.
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