Scotia Managed Companies Announces Upcoming Termination of Canadian Resources Income Trust
TORONTO, Oct. 19, 2018 /CNW/ - Scotia Managed Companies Administration Inc. (the "Manager") announced today that Canadian Resources Income Trust (the "Fund") (TSX: RTU.UN) will terminate after the close of business on November 30, 2018 (the "Termination Date"). The Manager has concluded that it is no longer economically practical to continue the Fund, and expects that the Fund will further decrease in size after the anticipated annual retractions of units of the Fund are processed on November 30, 2018. Accordingly, the Manager has concluded it would be in the best interest of the unitholders to terminate the Fund on the Termination Date. The last day on which the Fund's units will trade on the Toronto Stock Exchange is November 28, 2018.
After the close of business on the Termination Date, the Fund will distribute to unitholders, in cash, their pro rata share of the net assets of the Fund after all liabilities of the Fund have been paid or provided for. The amount of cash per unit that will be paid to unitholders on the Termination Date is expected to be the same, regardless of whether the unitholder had submitted a request to retract units on the Termination Date.
Unitholders instead wishing to receive portfolio securities of the Fund on the Termination Date can submit by November 15, 2018 a request to retract their units and elect to receive payment in portfolio securities rather than cash. Dealers and CDS may have deadlines earlier than November 15, 2018 for receiving retraction instructions and retraction notices. Accordingly, a unitholder who wishes to retract their units should contact their dealer sufficiently in advance of November 15, 2018 to ensure that their dealer is provided sufficient time to deliver the retraction notice to CDS before the deadline set by CDS for receiving those retraction notices. The previous requirement to surrender at least 10,000 units for retraction in order to be eligible to request payment in portfolio securities will not apply.
The declaration of trust governing the Fund was recently amended to facilitate the orderly termination of the Fund described above, consistent with industry practice.
SOURCE Canadian Resources Income Trust (CARIT)
Investor Relations, CaRIT Limited Partnership, Trustee of Canadian Resources Income Trust, (416) 863-7144, E-mail: [email protected], Web site: www.scotiamanagedcompanies.com
Share this article