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Press release from CNW Group

Vicwest Income Fund Unitholders Approve Conversion to Corporate Structure

Thursday, November 04, 2010

Vicwest Income Fund Unitholders Approve Conversion to Corporate Structure10:19 EDT Thursday, November 04, 2010Toronto Stock Exchange: VIC.UN, VIC.DBOAKVILLE, ON, Nov. 4, 2010 /CNW/ - The unitholders of Vicwest Income Fund (the "Fund" or "Vicwest") today approved the Fund's conversion from an income trust structure to a corporate structure. At a special meeting held for the purpose, the unitholders voted 99.99% in favour of the conversion transaction.  The conversion of the Fund to a corporation named "Vicwest Inc." is expected to take effect on or around January 1, 2011.  The conversion remains subject to court approval and other customary closing conditions.The conversion will be effected by way of corporate arrangement, under which Vicwest unitholders will receive one Vicwest Inc. common share for each unit held. After the completion of the arrangement, holders of Vicwest debentures will be entitled to receive, upon conversion of the debentures in accordance with their terms, one Vicwest Inc. common share in lieu of each Fund unit the holder was previously entitled to receive.The conversion is expected to offer a number of benefits, including a corporate structure that will attract new investors, a more liquid trading market for Vicwest securities, and enhanced access to capital markets which will facilitate growth through acquisitions.  In addition, under a corporate structure, capital retained in the business to fund operations and growth will be subject to a lower rate of tax than in a trust structure.Vicwest Inc. plans to adopt a quarterly dividend policy upon completion of the conversion. The policy will be set by the board of Vicwest Inc., taking into account, among other things, business performance, financial condition, growth plans and expected capital requirements. Vicwest currently anticipates the payment of quarterly dividends in 2011 at an initial annualized rate of $1.08 per common share commencing on April 15, 2011 for shareholders of record on March 31, 2011.  There can be no assurance that the initial dividend policy will be in this amount or that it will not change.Details of the voting on the special resolution considered at the meeting will be included in the Fund's report of voting results which will be filed at www.sedar.com.About Vicwest Income FundThe Fund is a leading manufacturer and distributor of building construction products, and steel containment products for agricultural grain, fertilizer and liquid storage.  Through its Vicwest Building Products division, the Fund fabricates and markets metal roofing, siding and other metal building products under the trade names Vicwest, Mercury Metals, Valley Truss & Metal RCA Metal and upon completion of the investment, will add the AWIP-Vicwest USA trade name.  The Fund's Westeel Storage Solutions division manufactures storage solutions for agricultural grain and fertilizer, as well as liquid storage tanks and accessories.  These products are manufactured and distributed under the trade names Westeel, Northern Steel Industries and NSI.  Through a global alliance, Westeel also distributes Buhler Industries-manufactured grain handling equipment in Canada under the Westeel brand. With approximately 1,200 dedicated employees and strategically located manufacturing facilities, the Fund delivers superior quality products and excellent service to customers in chosen markets. Vicwest Income Fund has traded on the Toronto Stock Exchange since 2005 and is a member of the S&P/TSX SmallCap Index. For more information, visit www.vicwestfund.com.FORWARD-LOOKING STATEMENTSCertain statements in this news release, including (without limitation) statements about the expected benefits of conversion and anticipated dividend rates, may constitute "forward-looking" statements. When used in this news release, such statements use words, including but not limited to, "may", "will", "expect", "believe", "plan", "intend", "anticipate", "future" and other similar terminology. These forward-looking statements reflect the current expectations of the Fund's management regarding future events but involve known and unknown risks, uncertainties and other factors which may cause the outcome of the Offering or the actual results, performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual events could differ materially from those projected herein and depend on a number of factors. These factors would include, but are not limited to, dependence on market and economic conditions, sales and margin risk, competition, information system risks, availability of supply of products, risks associated with the introduction of new product lines, product design risk, environmental risks, volatility of commodity prices, inventory risks, customer and vendor risks, acquisition and integration risks, availability of credit, credit risks, interest rate risks, regulatory risks and employee retention risks. These forward-looking statements speak only as of the date of this news release. Except as required by applicable securities laws, the Fund does not undertake, and specifically disclaims, any obligation to update or revise any forward looking information, whether as a result of new information, future developments or otherwise, except as required by applicable law.For further information: Colin OsborneJohn SlatteryPresident & Chief Executive Officer    Executive VP & Chief Financial OfficerVicwest Income FundVicwest Income FundTel:  (905) 469-5700Tel:  (905) 469-5706Fax: (905) 825-1090ir@vicwestfund.com