Canada: Big Rock Brewery Income Trust announces proposed reorganization

Big Rock Brewery Income Trust announced June 27 that it will be calling a Special Meeting of Unitholders where Unitholders will be asked to approve a reorganization of the Trust and its subsidiaries. The reorganization would result in the existing business being carried on through a limited partnership directly owned by the Trust.

The proposed reorganization, which has been adopted by a number of other income trusts, will provide the Trust with a "flow-through" structure that will maximize the cash available for distribution to Unitholders by reducing the income taxes paid under the current structure. The reorganization is conditional on obtaining a number of regulatory and third party approvals, including a favourable income tax ruling from Canada Revenue Agency and approval of Unitholders of the Trust.

From a Unitholder's perspective, the reorganization will not result in a change to the number, type or ownership of outstanding Units of the Trust. Further, the reorganization will have no impact on the daily operations of the business.

A detailed description of the reorganization will be contained in the Notice of Meeting and Management Information Circular that will be mailed to Unitholders in connection with the Special Meeting. The Management Information Circular will also be made available on SEDAR.

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