TORONTO, March 3 /CNW/ - Canadian Resources Income Trust (the "Trust" or "CaRIT") announced today that the final condition required to reorganize and extend the term of the Trust for an additional five years to March 31, 2015 has been met. Holders ("Unitholders") of CaRIT units ("Units") previously approved the reorganization and extension subject to the condition that a minimum of 1,655,000 Units remain outstanding following the March 3, 2010 special retraction right (the "Special Retraction Right"). Following the Special Retraction Right, 2,340,400 Units will remain outstanding representing 93.2% of the currently outstanding Units.
Under the Special Retraction Right, 169,608 Units were tendered to the Trust for retraction on March 31, 2010. Unitholders having tendered their Units pursuant to the Special Retraction Right will receive, on March 31, 2010, a cash amount for each Unit submitted equal to net realized proceeds together with any unpaid distributions in respect of such Unit (payable to Unitholders on record as at March 25, 2010).
Unitholders continuing their investment in the Trust will enjoy the benefit of regular monthly distributions from a diversified portfolio of high yielding equity securities focused on the Canadian natural resource industry and listed on the Toronto Stock Exchange (the "TSX") as well as the potential for price appreciation.
Trust units of CaRIT are listed for trading on the TSX 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: firstname.lastname@example.org, Web site: www.scotiamanagedcompanies.com