Cinram Converting to Income Fund2 May, 2006 By: Jessica Wolf
DVD manufacturer Cinram has gotten approval to convert to an income fund.
The Canadian manufacturer will become Cinram International Income Fund as approved by the Ontario Superior Court of Justice.
The change will go into effect May 5, and units of Cinram International Income Find stock will go up for trade on the Toronto Stock Exchange May 8.
There are a few conditions to the conversion. Non-Canadian shareholders cannot hold more than 40% of total shares of outstanding company stock prior to the effective date of the conversion.
The company's new Toronto Stock Exchange ticker symbol is CRW.