Davis + Henderson Income Fund acquires 79% of Resolve Business Outsourcing Income Fund
TORONTO, Jul 27, 2009 (Canada NewsWire via COMTEX) — Davis + Henderson Income Fund (TSX: DHF.UN) (“Davis + Henderson”) and Resolve Business Outsourcing Income Fund (TSX: RBO.UN) (“Resolve”) jointly announced today that 2206997 Ontario Inc. (the “Offeror”), a company established by Davis + Henderson, has taken up and accepted for payment 25,826,252 units (the “Resolve Units”) of Resolve pursuant to the Offeror’s previously announced offer (the “Offer”) to purchase all of the Resolve Units on the basis of 0.285 Davis + Henderson units (the “D+H Units”) for each Resolve Unit. The Units acquired by the Offeror were all of the Resolve Units deposited under the Offer and represented approximately 79% of the issued and outstanding Resolve Units.
Following the acquisition by the Offeror of the Resolve Units deposited under the Offer, the Offeror intends to amend Resolve’s Declaration of Trust as described in the take-over bid circular mailed to unitholders in connection with the Offer, to permit the Offeror to purchase the Resolve Units held by non-tendering unitholders.
The Offeror intends to deliver the D+H Unit consideration payable to holders of Resolve Units, on the basis of 0.285 D+H Units for each Resolve Unit, to the Depositary on July 27, 2009 to be forwarded by the Depositary to all tendering unitholders.
Resolve also announced that in connection with this acquisition by the Offeror, Robert Conconi, Robert Franklin, John Richardson, John Wetmore and Robert Wright have resigned as trustees of Resolve, effective today.
ABOUT DAVIS + HENDERSON
Davis + Henderson uses its market-leading capabilities to meet the evolving needs of the financial services industry in Canada and abroad. Founded in 1875, the company today provides innovative programs to customers who offer chequing and credit card accounts, and a comprehensive array of technology-based solutions to support our customers’ credit lifecycle management services. Davis + Henderson Income Fund is listed on the Toronto Stock Exchange under the symbol DHF.UN. Further information can be found in the disclosure documents filed by Davis + Henderson Income Fund with the securities regulatory authorities, available at www.sedar.com.
Resolve works with businesses as an outsourced resource taking on critical processes and managing them better, faster and more cost-effectively. Resolve has over 35 years’ experience managing processes for clients in the financial services, retail, government, consumer goods and communications industries. Headquartered in Toronto, Canada, Resolve employs more than 3,500 people in 13 locations and is listed on the Toronto Stock Exchange as Resolve Business Outsourcing Income Fund, symbol RBO.UN. For more information, visit www.resolve.com.
SOURCE: Davis + Henderson Income Fund
SOURCE: RESOLVE BUSINESS OUTSOURCING INCOME FUND
Bob Cronin, Chief Executive Officer, Davis + Henderson, Limited Partnership, (416) 696-7700, extension 5301, firstname.lastname@example.org; Catherine Martin, Chief Financial Officer, Davis + Henderson, Limited Partnership, (416) 696-7700, extension 5265, email@example.com; Bruce Simmonds, Chief Executive Officer, Resolve Business Outsourcing Income Fund, (905) 306-2003, firstname.lastname@example.org; Gerry McDonald, Chief Financial Officer, Resolve Business Outsourcing Income Fund, (905) 306-2196, email@example.com