The Boyd Group Income Fund (TSE:BYD.UN) announced a proposed conversion from an income trust to a corporation structure effective January 1, 2020.
According to Boyd, by converting the Fund to a corporation it can expand its investor base and improve liquidity by simplifying the organization’s capital structure and adopting one that is more generally accepted and understood by the capital markets and global institutional investors. Conversion also removes the restriction on non-resident ownership. Under the Declaration of Trust, ownership of units of the Fund by non-residents of Canada cannot exceed 49%.
If approved, Fund unitholders would receive one publicly traded