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Zargon Energy Trust (TSE:ZAR.UN) reports that the company has approved the conversion of Zargon Energy Trust to a corporation to be named Zargon Oil & Gas Ltd.
Zargon Energy Trust (TSX:ZAR.UN) reports that the company has approved the conversion of Zargon Energy Trust to a corporation to be named Zargon Oil & Gas Ltd.
The press release is quoted as saying:
The conversion is expected to be completed on December 31, 2010. After the conversion, Zargon Oil & Gas Ltd. will continue to execute a focused oil exploitation and income model as previously announced on August 11, 2010. Pursuant to the conversion, unitholders will exchange their trust units on a one-for-one basis for common shares and exchangeable shareholders will exchange their exchangeable shares for common shares based on the exchange ratio in effect at the time of conversion. The conversion is expected to be a tax-deferred exchange for Canadian income tax purposes.
Click here to access the entire press release