Toronto, Ontario, Canada, 22 December 2009 -- (Marketwire) - Acadian Timber Income Fund (TSX:ADN.UN
) is pleased to announce that the previously announced plan of arrangement pursuant to the provisions of the Canada Business Corporations Act involving, among others, the Fund and CellFor Inc., was approved at its special meeting of fund unitholders. CellFor security holders also approved the arrangement at a special meeting held 16 December 2009.
The completion of the proposesd arrangement remains subject to the satisfaction of other conditions precedent, including, without limitation, the final order from the Ontario Superior Court of Justice approving the arrangement. A hearing to obtain the final order is currently scheduled for 30 December 2009. If the final order is received as currently anticipated, and all other conditions are satisfied or waived as required, the Fund expects to close the arrangement and convert to a corporation effective 01 January 2010.
Acadian Timber Income Fund is a leading supplier of primary forest products in eastern Canada and the northeastern United States. With a total of 2.4 million acres of land under management, Acadian is the second largest timberland operator in New Brunswick and Maine.
Acadian owns and manages approximately 1.1 million acres of freehold timberlands in New Brunswick and Maine, and provides management services relating to approximately 1.3 million acres of Crown licensed timberlands. Acadian also owns and operates a forest nursery in Second Falls, New Brunswick. Acadian's products include softwood and hardwood sawlogs, pulpwood, and biomass by-products, sold to more than 110 regional customers. Acadian's units are listed for trading on the Toronto Stock Exchange under the symbol ADN.UN. For further information, visit www.acadiantimber.com