Clearwater Seafoods Income Fund is converting to a publicly traded corporation, effecting 31 December, the Nova Scotia-based seafood supplier announced on Friday.
The plan is subject to approval by Clearwater shareholders, the Toronto Stock Exchange and the Nova Scotia Supreme Court. The company would then be called Clearwater Seafoods Inc.
The Canadian Press reported that the conversion would come a year after final implementation of a phased-in change in federal income tax rules for most income trusts. Announced in October 2006, the controversial change eliminated tax advantages for some income trusts, which had become an increasingly common form of business.
