SCITI Trust Announces Extension Proposal
TORONTO, Jan. 16, 2013 /CNW/ - SCITI Trust (the "Fund") announced today that it is calling a meeting of holders of SCITI Trust units ("Unitholders") to consider a proposal to extend the term of the Fund. The extension will involve (i) extending the redemption date permitting Unitholders to hold their investment to April 30, 2018, (ii) the addition of an investment restriction limiting sector weighting of the portfolio to 25% of total assets, and (iii) the creation of a special retraction right to provide Unitholders who do not wish to extend their investment with the option of retracting their units as originally contemplated on April 29, 2013.
A special meeting of Unitholders has been called and will be held on March 14, 2013 to consider and vote on the extension. Details of the proposed extension will be outlined in an information circular to be prepared and delivered to Unitholders in connection with the special meeting and which will be available on www.sedar.com. The extension will be subject to receipt of all necessary regulatory approvals.
About SCITI Trust
The Fund is an investment trust whose investment portfolio consists of the 50 highest yielding members of the Scotia Capital High Yield Equity Index (the "Index") on an approximately equal weight basis in order to provide Unitholders with a diversified and high yielding portfolio. The Index has been designed to track the 75 highest yielding equity securities listed on the TSX without regard to corporate structure or liquidity and subject to a number of tests related to market capitalization and distribution sustainability.
The units of the Fund are listed for trading on The Toronto Stock Exchange under the symbol SIN.UN.
SOURCE: SCITI TrustFor further information: