Altus Group Limited Announces Completion of Conversion to a Corporation
04 Januar 2011 - 9:36PM
Marketwired
Altus Group Limited ("Altus Group" or the "Corporation") (TSX: AIF)
is pleased to announce the completion of the conversion of Altus
Group Income Fund (the "Fund") to a corporation named Altus Group
Limited, pursuant to a plan of arrangement that was effected on
January 1, 2011 (the "Arrangement") under the Business Corporations
Act (Ontario).
"The transition to a corporation marks an important milestone in
our history and presents new opportunities for Altus in the
future," said Gary Yeoman, Chief Executive Officer, Altus Group
Limited. "For the past five years, our determination to foster a
strong business ethic and commitment to our core strategy has
served us well. That same determination will continue to ensure
that those who support Altus benefit over the long term."
Effective on the closing of the Arrangement and related
transactions, Altus Group now directly and indirectly operates the
businesses which were previously operated by the Fund and its
subsidiaries. The management and trustees of the Fund are now the
management and directors of Altus Group.
Pursuant to the Arrangement, holders of Class B limited
partnership units (the "LP Units") of Altus Group Limited
Partnership, a subsidiary of the Fund, received common shares in
the capital of the Corporation (the "Shares") in exchange for their
LP Units, on a one-for-one basis. Additionally, pursuant to the
Arrangement, holders of Fund units (the "Units") received Shares in
exchange for their Units, on a one-for-one basis. Altus Group now
has 22,616,234 Shares outstanding. The Shares are listed on the
Toronto Stock Exchange under the symbol "AIF".
About Altus Group Limited
Altus Group is the leading multidisciplinary provider of
independent real estate consulting and professional advisory
services worldwide. With a staff of over 1,700, Altus Group has a
network of over 60 offices in 14 countries worldwide, including
Canada, UK, Australia, Asia and the United States. We operate four
interrelated Business Units, bringing years of expertise together
into one comprehensive platform: Research, Valuation and Advisory;
Cost Consulting and Project Management; Realty Tax Consulting and
Geomatics services. Altus' clients include banks, financial
institutions, governments, pension funds, asset and fund managers,
developers and landlords and companies engaged in the oil and gas
industry.
Forward Looking Statements
Certain statements in this press release may constitute
"forward-looking" statements, which involve known and unknown
risks, uncertainties and other factors, which may cause the actual
results, performance or achievements of Altus Group and its
subsidiary entities, to be materially different from any future
results, performance or achievements expressed or implied by such
forward looking statements. When used in this press release, such
statements use words such as "may", "will", "expect", "believe",
"plan", "would", "could" and other similar terminology. These
statements are not guarantees of future performance and are subject
to numerous risks and uncertainties. Those risks and uncertainties
include: general state of the economy; dependence on oil and gas
sector; competition in the industry; ability to attract and retain
professionals; interest rate risk; currency risk; credit risk;
ability to maintain profitability and manage growth; revenue and
cash flow volatility; dependence on Canadian multi-residential
market; integration of acquisitions; protection of intellectual
property; weather; fixed-price and contingency engagements;
performance of obligations / maintenance of client satisfaction;
appraisal mandates; customer concentration; restrictions on
potential growth; operating risks; risk of future legal
proceedings; legislative and regulatory changes and insurance
limits. Given these risks and uncertainties, investors should not
place undue reliance on forward-looking statements as a prediction
of actual results. These statements reflect management's current
expectations regarding future events and operating performance and
speak only as of the date of this press release. Although the
forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions,
Altus Group cannot assure investors that actual results will be
consistent with these forward-looking statements. These
forward-looking statements are made as of the date of this press
release and, except in accordance with applicable law, Altus Group
assumes no obligations to update or revise them to reflect new
events or circumstances. Additionally, Altus Group undertakes no
obligation to comment on analyses, expectations or statements made
by third parties in respect of Altus Group, its financial or
operating results, or its securities.
Contacts: Altus Group Limited Sayla Nordin VP, Communications
and Investor Relations (416) 557-0939 www.altusgrouplimited.com
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