- Noranda Income Fund (NIF.UN) has received court approval for its plan of arrangement with Glencore Canada Corporation
- The Ontario Superior Court of Justice (Commercial List) granted a final order approving the acquisition by Glencore Canada Corporation of all of the issued and outstanding priority units of Noranda
- Subject to satisfaction of the remaining conditions to closing, each of which by their nature can only be satisfied at closing, the arrangement is expected to be effective on or about March 10, 2023
- Noranda Income Fund is an income trust whose priority units trade on the Toronto Stock Exchange under the symbol “NIF.UN”
- Noranda Income Fund was up 0.508 per cent, trading at $1.98 at 1:30 PM ET
Noranda Income Fund (NIF.UN) has received court approval for its plan of arrangement with Glencore Canada Corporation.
The Ontario Superior Court of Justice (Commercial List) granted a final order approving the acquisition by Glencore Canada Corporation of all of the issued and outstanding priority units of Noranda.
Glencore will acquire the shares of Noranda for $1.98 per priority unit under the Business Corporations Act (Ontario) and the Trustee Act (Ontario).
Subject to satisfaction of the remaining conditions to closing, each of which by their nature can only be satisfied at closing, the arrangement is expected to be effective on or about March 10, 2023.
After the closing of the arrangement, Computershare Investor Services Inc., as the depositary for the purposes of the arrangement, will provide what will then be former unitholders their consideration as soon as practicable on or after the effective date of the arrangement.
Following completion of the arrangement, Noranda expects to delist its priority units from the Toronto Stock Exchange.
Noranda Income Fund is an income trust whose priority units trade on the Toronto Stock Exchange under the symbol “NIF.UN.” Noranda Income Fund owns the electrolytic zinc processing facility and ancillary assets located in Salaberry-de-Valleyfield, Quebec.
Noranda Income Fund (NIF.UN) was up 0.508 per cent, trading at $1.98 at 1:30 PM ET.