Delta-based Village Farms Income Fund (TSX:VFF.UN) plans to convert to a corporation from an income trust by the end of the year.
The fund, which is one of North America's largest producer of greenhouse-grown tomatoes, bell peppers and cucumbers, plans to exchange each ordinary trust unit for a common share of Village Farm of Canada Inc., an existing subsidiary of the fund.
The conversion plan, which has been approved by the board of trustees, will be put to a special unitholder meeting on December 9. The fund will require the approval of two-thirds of unitholder votes cast at the meeting.
Village Farm's unit price range during the past week: between $0.50 and $0.59; 52-week high: $1.65; 52-week low: $0.50.