Polar Securities has singed an agreement with Moore Capital Management, pursuant to which Polar will advise with respect to the units in the capital of Cinram International Income Fund, held directly or through derivative contracts by Moore.
Polar currently manages funds which together hold in the aggregate 1.72 million units. Additionally, Robert Poile, an employee of Polar, owns an aggregate of 1.1 million units.
As a result of the agreement, Polar will exercise control or direction over securities which together with units held by Mr Poile, aggregate to 23.6% of the issued and outstanding units, comprised of 5.56 million units; and through derivative contracts, the economic interest in an additional 7.88 million units.
According to the agreement, Polar will be compensated on the basis of increases in the price of securities held by Moore. Further, the parties have agreed on matters related to the disposition of their respective positions.