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Abstract
Pursuant to the Arrangement, if approved, Benvest shareholders will receive one unit in the Fund for every one Benvest share. Taxable shareholders will be offered an option to receive shares exchangeable into units for a portion of their Benvest shareholdings, subject to certain limitations.
The Board has unanimously recommended that Benvest shareholders approve the proposed Arrangement. Directors and officers of Benvest owning or controlling approximately 63% of Benvest's shares intend to vote their shares in favour of the Plan of Arrangement. The Company and the Board of Directors believe that, in its current state, the business and balance sheet of Benvest/New Look is ideally suited for an income trust model where distributions of operating profit can be made to unitholders at the same time as there is sufficient capital to grow the business successfully.