News
30.07.2007
EIMSKIP COMPLETES OFFER TO ACQUIRE VERSACOLD
Eimskip Holdings Inc., an indirect, wholly-owned subsidiary of HF. Eimskipafélag Íslands (“Eimskip”) and the Board of Trustees of Versacold Income Fund (TSX:ICE.UN) (the “Fund” or
“Versacold”), jointly announce that as of the expiry of Eimskip’s previously announced
offer to acquire all the outstanding units of Versacold, on July 27, 2007, all of the conditions for
the completion of the offer have been satisfied including the receipt of all required regulatory
approvals and approximately 54.1 million trust units (the “Units”) of the Fund, representing
approximately 93% of the issued and outstanding units and 87% of the issued and outstanding
Units on a fully-diluted basis, had been deposited to Eimskip’s offer.
Eimskip also announced that it intends to take up the deposited Units on July 30, 2007 for
payment as soon as possible thereafter and, in any event, within three business days of July 30,
2007.
In accordance with its purpose of acquiring 100% of the outstanding Units, Eimskip intends to
take immediate steps to acquire all remaining outstanding Units, which it expects to complete on
or about July 30, 2007. Accordingly, as previously announced by the Fund, unitholders will not
be entitled to receive the distribution declared payable to holders of record on July 31, 2007.
The Fund also announced that it expects to de-list its units and convertible debentures from the
Toronto Stock Exchange (the “TSX”) as soon as possible, subject to and in accordance with the
requirements of the TSX. The Fund also announced that it will file appropriate notices and
applications with the Canadian Securities Administrators to enable it to cease to be a reporting
issuer immediately following completion of the acquisition of the remaining outstanding Units of
the Fund.
Eimskip worked with Toronto-based KingSett Capital to structure and finance the acquisition.
KingSett, through KingSett Real Estate Growth LP No. 3, is providing structured real estate
secured financing to the transaction.
For further information please contact:
Eimskipafélag
Baldur Gudnason
President and Chief Executive Officer
Stefan A. Magnusson,
Chief Financial Officer
Dogg Hjaltalin
Director - Investors Relations
HF. Eimskipafélag Íslands
Korngordum 2
104 Reykjavik
Iceland
Telephone: +354-525-7000
Fax: +354-525-7009
Website: www.eimskip.is
Versacold
Brent Sugden
President and Chief Executive Officer
Roger Dall’Antonia
Vice President, Treasury and Investor Relations
Versacold Income Fund
2115 Commissioner Street
Vancouver, British Columbia, V5L 1A6
Telephone: (604) 255-4656
Fax: (604) 255-4330
Website: www.versacold.com
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