TORONTO, ONTARIO -- (Marketwire) -- 03/26/13 -- Dominion Citrus Income Fund (the "Fund") (TSX: DOM.UN) and Dominion Citrus Limited (TSX: DMN.PR.A) (the "Company") (collectively, "Dominion Citrus") today announced the Company has adjourned the special meeting of shareholders, including the holders of Series "A" preference shares (the "Preference Shares") of the Company, originally scheduled for March 26, 2013, to April 26, 2013 (the "Preference Share Meeting"). The Preference Share Meeting is now scheduled for immediately after the Fund's upcoming special meeting (the "Unitholder Meeting") of holders of units ("Unitholders"). The Unitholder Meeting described below is scheduled to take place on April 26, 2013 at 9:30 am, with the adjourned Preference Share Meeting to take place at 10:00 am. Both meetings will be held at the Doubletree by Hilton Toronto Airport, 655 Dixon Road, Toronto, Ontario.
The Company intends to mail a revised notice and information circular for the adjourned Preference Share Meeting on or about April 5, 2013, while the Fund intends to mail meeting materials for the Unitholder Meeting on the same date. The meeting materials for the Unitholder Meeting will be sent to Unitholders of record on March 25, 2013. The revised notice and information circular for the adjourned Preference Share Meeting will be sent to holders of Preference Shares on February 19, 2013 (the record date for the originally scheduled meeting). Copies of all meeting materials will be filed on the relevant profile on www.sedar.com.
As previously disclosed by press release dated February 28, 2013, the Company intends to seek the approval of the Company's shareholders by way of special resolution (the "Settlement Resolution") to incorporate the terms of a proposed settlement (the "Settlement") with a significant holder of Preference Shares into the articles of the Company and make the terms of the Settlement binding upon all holders. The Settlement will have the effect of eliminating the current cash redemption date of April 1, 2013 applicable to the Preference Shares, waiving a portion of the accrued dividends, future dividend rights and substituting repayment of the cash redemption amount over a six (6) year period at which time the Preference Shares shall be redeemed. The detailed terms of the Settlement were contained in a press release of Dominion Citrus dated February 28, 2013. In addition, the Settlement Agreement and associated documentation was filed by the Company on www.sedar.com.
The Fund was ordered by the Ontario Court to convene the Unitholders Meeting as a result of an application by a securityholder, which was heard on March 22, 2013. The Court ruled on March 25, 2013 that the trustees of the Fund do not have the authority to vote the common shares (the "Common Shares") of the Company held by the Fund to approve the Settlement in the absence of the approval of the Unitholders, and required the adjournment of the previously scheduled Preference Share Meeting until after the Unitholder Meeting is held. Detailed reasons for the decision have not yet been released.
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