RIVIERE-DU-LOUP, QUEBEC - Premier Tech Ltd. ('Premier Tech') today announced that it acquired between December 9, 2009 and June 24, 2010, through the facilities of the Toronto Stock Exchange, an aggregate of 469,100 trust units (the 'Purchased Units') of Sun Gro Horticulture Income Fund (the 'Trust'). The Purchased Units were acquired in a series of transactions through the facilities of the Toronto Stock Exchange, at an average price of $4.00 per Unit.
As of June 25, 2010, the Purchased Units, together with 4,895,990 trust units already owned and controlled by Premier Tech and 10 trust units owned and controlled by a joint actor of Premier Tech, being Gestion Bernard Belanger ltee, represented 24.08% of the outstanding trust units of the Trust. Premier Tech acquired the Purchased Units for investment purposes, but reserves its rights to increase or decrease its holdings in the Trust at any time by acquiring or disposing of trust units in the open market, by private agreement or otherwise.
Premier Tech relied on the exemption from the take-over bid requirements provided for by Section 4.1 of Regulation 62-104 - Take-Over Bids and Issuer Bids ('Regulation 62-104') considering that the bid is for no more than 5% of the outstanding Units, the aggregate number of Units acquired in reliance on this exemption by Premier Tech and any person acting jointly or in concert with Premier Tech within any period of 12 months, when aggregated with acquisitions otherwise made by Premier Tech and any person acting jointly or in concert with Premier Tech within the same 12-month period, does not exceed 5% of the Units outstanding at the beginning of the 12-month period, there is a published market for the Units and the value of the consideration paid for the Purchased Units is not in excess of the market price at the date of acquisition, as determined in accordance with Regulation 62-104, plus reasonable brokerage fees or commissions actually paid.