Northland Power has announced (some time ago, actually):
that the conversion of Northland Power Income Fund (the “Fund”) from an income trust to a corporation became effective on January 1, 2011.
As a result, Northland is now the Canadian public corporation which will continue to carry on the business of the Fund. The Fund’s trust units have been converted into common shares of Northland on a one-for-one basis and will trade under the TSX symbol NPI. The Series 1 Preferred Shares of Northland Power Preferred Equity Inc. have been converted into Series 1 Preferred Shares of Northland on a one-for-one basis and will trade under the TSX symbol NPI.PR. The two series of convertible debentures of the Fund have become convertible debentures of Northland and will continue to trade under the TSX symbols of NPI.DB and NPI.DB.A.
As an income trust, Northland and its Unit holders benefited under Canadian income tax law from advantages available to income trusts. Canadian legislation phased out those advantages at December 31, 2010.
In 2009, the Fund merged with its manager, Northland Power Inc. In addition to internalized management, this merger brought the manager’s development expertise and a robust pipeline of thermal, solar, wind and hydro development projects.
NPP.PR.A was last mentioned on PrefBlog when it settled in July, 2010. NPI.PR.A is tracked by HIMIPref™, but is relegated to the Scraps index on credit concerns.