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June 1, 2010, Vancouver – Unit-holders of the Sun Gro
Horticulture Income Fund have approved the reorganization of the Fund
into a
public corporation named “Sun Gro Horticulture Inc.”
The special resolution of unit-holders was adopted by a vote
of 99.91 per cent at the Fund’s annual meeting.
A final order of the Supreme Court of British Columbia
approving the change has been granted. Subject to the satisfaction or waiver of
all other conditions, the change is expected to become effective on or before
Dec. 31, 2010, at which time all of the units of the Fund will be exchanged, on
a one-for-one basis, for common shares of Sun Gro Horticulture Inc.
Sun Gro is the largest producer and distributor of peat and
bark-based growing mixes to professional plant growers in the U.S. and Canada.
It is also North America’s largest producer and distributor or sphagnum peat
moss, with approximately 65,000 acres of peat bogs under lease.
Sun Gro sells its professional products primarily to greenhouse,
nursery and specialty crop growers. The company also sells peat moss and
potting mixes to retail customers, either by way of private label partnerships
or under its own brand names. In addition, Sun Gro sells sand-based mixes to
golf course developers and landscapers.
The company’s North America-wide production network now
comprises 12 Canadian operating plants and 13 US operating plants.
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