Richards Packaging holders OK conversion to corporation

Executive Summary

• Richards Packaging Income Fund unitholders approved the statutory plan of arrangement to convert the fund from an unincorporated trust to a corporation (Richards Group Inc. or RGI) and adopted a security-based compensation plan for RGI.
• The conversion involves a 1-for-1 exchange of trust units for common shares of RGI, with shares expected to commence trading on the Toronto Stock Exchange under the symbol RIC on or about December 19, 2025, pending court approval and other conditions.
• Voting results indicate that 82.3% of all trust units outstanding voted in favor of the arrangement and the incentive plan.

Key Details

• Transaction Structure: Statutory plan of arrangement under the Business Corporations Act (Ontario) and the Trustee Act (Ontario) converting Richards Packaging Income Fund into Richards Group Inc. (RGI).
• Exchange Ratio: Unitholders receive one common share in the capital of RGI for each trust unit held.
• Voting Results: 82.3% of all trust units outstanding voted in favor, either by proxy or in person.
• Conditions Precedent: Completion is subject to the receipt of a final order from the Ontario Superior Court of Justice and satisfaction/waiver of other customary conditions.
• Timeline: The arrangement is expected to be effective on or about December 19, 2025.
• Trading: RGI common shares are expected to commence trading on the Toronto Stock Exchange under the symbol RIC shortly following the effective date.
• Compensation Plan: Adoption of a security-based compensation plan by RGI was approved alongside the conversion.
• Company Background: Richards Packaging Inc. has served over 24,000 customers since 1912, evolving from a packaging distributor to a business driven largely by its medical device and supplies operation.

Notable Quotes

• No direct quotes from executives were included in the provided text.