UPDATE 1-Wajax shares climb on fund conversion plan

Newswire

(Recasts with share price increase) TORONTO, March 23 (Reuters) - Shares of Wajax Ltd. raced higher on Wednesday as the industrial distribution company said its board approved a proposal to convert to an income fund. Shares of Wajax rose C$1.85, or nearly 11 percent, to C$19.10, making it the second biggest net gainer on the Toronto Stock Exchange. The Toronto-based company said shareholders will vote on the proposed conversion on June 6. Empire Co. Ltd., a 47 percent stakeholder in ...

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