Brick Conversion Approved
Furniture Today Staff -- Furniture Today, December 23, 2010
TORONTO - The Brick Group Income Fund said its unit holders have "overwhelming approved" the company's plan to convert into a new public corporation called The Brick Ltd. at a special meeting held here.
Before the final conversion can proceed, the plan needs regulatory approval as well as a final order from the Alberta Court of Queen's Bench, which are considered formalities. The conversion will take place on or about Dec. 30, when trust units will be exchanged for common shares on a one-to-one-basis.
The company said the shares have been conditionally approved for trading on the Toronto Stock Exchange under the symbol BRK.
Canada's largest full-line furniture and appliance retailer moved to convert from income trust to a ordinary public corporation when the federal government changed the regulations governing how the trusts were taxed.
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Brick Group holders approve going corporate
Dec 10, 2010
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