TORONTO, Feb. 17 /CNW/ - The Board of Directors of CaRIT Limited, in its capacity as Trustee for Canadian Resources Income Trust (the "Trust" or "CaRIT"), announced today that holders ("Unitholders") of units ("Units") of CaRIT have approved a previously announced proposal to reorganize the Trust (the "Reorganization"). The Reorganization involves (i) an extension of the originally scheduled redemption date to March 31, 2015, (ii) the creation of a special retraction right on March 31, 2010 and (iii) a one-time adjustment to the portfolio of the Trust and the adoption of certain portfolio adjustment rules, all as more particularly described in the Trust's information circular dated January 15, 2010. The adjusted portfolio of the Trust is designed to provide Unitholders with more diversified exposure to Canadian natural resource issuers as well as a higher current yield.
The Reorganization will become effective provided that all regulatory approvals are received and holders of at least 1,655,000 Units retain their Units and do not exercise the special retraction right.
Unitholders who do not wish to continue their investment in the Trust after March 31, 2010 must give notice that they wish to exercise the special retraction right with respect to their Units on or before March 3, 2010. Unitholders who retract Units pursuant to such special retraction right will receive 100% of the net realized proceeds per Unit on or about March 31, 2010 plus any unpaid distribution payable to Unitholders of record on a date prior to March 25, 2010.
CaRIT is an investment trust which provides investors with high current yield and low cost diversification through a fixed portfolio of Trust units of selected Canadian income funds focused primarily on the natural resources industry.
Trust units of CaRIT are listed for trading on The Toronto Stock Exchange under the symbol RTU.UN.
Certain statements contained herein constitute "forward-looking statements". Forward-looking statements look into the future and provide an opinion as to the effect of certain events and anticipated results. Forward-looking statements may include words such as "plans," "intends," "anticipates," "should," "estimates," "expects," "believes," "indicates," and similar expressions. These forward-looking statements are based on current expectations and assumptions which are believed to be reasonable as at the date of this statement and entail various risks and uncertainties. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. The issuer assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
SOURCE Canadian Resources Income Trust
For further information: For further information: Investor Relations, CaRIT Limited, Trustee of Canadian Resources Income Trust, (416) 863-7144, E-mail: email@example.com, Web site: www.scotiamanagedcompanies.com