Mullen Group Income Fund, Calgary, (Toronto: MTL.UN) plans to merge with Calgary-based Producers Oilfield Services Inc. (Toronto: POS). Through the merger, each Producers share will be converted into 0.44 Mullen Trust units or Mullen LP units. "...To continue creating value for our shareholders we felt we needed to continue to grow our company but we also needed to look at our overall structure," says Ric Peterson, chief executive of Producers. "This led us to consider the income trust model. To this end we believe that a combination with Mullen offers the overall best value to Producers shareholders and we are very excited about the prospects for the future." As part of the transaction, the companies are considering transferring the assets of Mullen and Producers associated with the Far North into a separate public company. If this company is formed, it will be led by Peterson. Raymond James Ltd. is financial advisor to Mullen, while Peters & Co. Ltd. is financial advisor to Producers.
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