Oceanex sold to private investor consortium

MONTREAL — Oceanex Income Fund, the owner and operator of a marine cargo service transporting containers from Newfoundland, has agreed to sell all of its assets to South Coast Partners Limited — a newly formed entity owned by a consortium of investors, including Captain Sidney J. Hynes, OPTrust Private Markets Group and Terrma Capital Corp.

Under the terms of the agreement, all of the assets of the Fund will be acquired for proceeds equal to $19.00 per outstanding Oceanex unit.

“We are very pleased to support this transaction and recommend it for approval by Oceanex Unitholders. This is an all-cash transaction, which includes a premium and offers Unitholders certainty of immediate value for their holdings. At the same time, the transaction eliminates uncertainty that Unitholders would be exposed to as a result of the announcement of last Fall relating to income trusts, and enables them to realize fair value for their investment,” said Peter Henrico, President & CEO