CAN: Big Rock Brewery reorganisation cleared by unitholders
The Big Rock Brewery Income Trust has announced that its unitholders have approved a restructuring of the company which will see the existing business of the trust carried out through a newly formed limited partnership owned by the trust.
The company said the move was agreed by a majority of 99.8% of the votes cast at special meeting of unitholders held on 26 October.
The trust said the change would provide it with a "flow-through" structure that will maximise the cash available for distribution to unitholders by reducing the income taxes paid under the current structure. The reorganisation remains subject to a number of regulatory and third-party approvals.
The trust added that the reorganisation, which is scheduled to be completed in January 2008, would have no impact on the daily operations of the business.
The Big Rock Brewery Income Trust owns the Big Rock brewery which is a regional producer and marketer of craft beers, headquartered in Calgary, Alberta. The company's products, which also include ciders and coolers, are sold in eight provinces and three territories in Canada.
Sectors: Beer & cider
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