TRADING SYMBOL: Toronto Stock Exchange - CWA.UN
VANCOUVER, June 28 /CNW/ - Coast Wholesale Appliances Income Fund (the Fund) today announced that it had been informed of the transfer of 110,445 previously issued units in the Fund held by CWAL Investments Ltd. to a blind trust on behalf of senior management of Coast Wholesale Appliances. As described in the Fund's prospectus dated June 15, 2005 and filed in conjunction with its initial public offering, these units will be held in trust for a period of three years. At the end of that time, the units will be distributed to designated senior management, provided that they have remained employees of Coast. This private transaction will not have any impact on distributable cash per unit or have any dilutive impact on unitholders.
Coast Wholesale Appliances Income Fund is an unincorporated, open-ended limited purpose trust launched on June 23, 2005 with the completion of an initial public offering of 6,525,000 trust units. The Fund was created to acquire and hold a 65% indirect interest in Coast Wholesale Appliances LP (Coast), a leading independent supplier of major household appliances to developers and builders of multi-family and single-family housing, and to retail customers in Western Canada. Founded in 1978, Coast operates 15 branch locations and four warehouse distribution centres across the four western provinces.