Oceanex Income Fund today said it reached an agreement to sell all of its assets to South Coast Partners Limited Partnership at a price equalling $19 for each outstanding Oceanex unit on a fully diluted basis.

South Coast is a newly formed company owned by a consortium of investors comprised of Captain Sidney J. Hynes, OPTrust Private Markets Group and Terrma Capital Corp.

“The per-unit value represents a 17.9% premium over the closing price of the fund’s units on Sept. 18, 2007, and a 22.1% premium over the 20-day volume weighted average price
ending on Sept. 18, 2007,” Oceanix said in a revised statement.

“We are very pleased to support this transaction and recommend it for approval by Oceanex Unitholders,” said John Peacock, Oceanix chairman. “This is an all-cash transaction which includes a premium and offers unitholders certainty of immediate value for their holdings. At the same time, the transaction eliminates uncertainty that unitholders would be exposed to as a result of the announcement of last fall relating to income trusts, and enables them to realize fair value for their investment.”

The deal is subject to approval by at least two-third of the votes cast at a special meeting of the Montreal-based fund’s unitholders scheduled for Oct. 4.