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TORONTO, Aug. 18 /CNW/ - (FIG.PR.A; FIG.UN; FCS.PR.A; FCS.UN) - Faircourt Asset Management Inc. (the "Manager") has announced that it will hold securityholder meetings on September 13, 2010 for Faircourt Income & Growth Split Trust ("FIG") and Faircourt Split Trust ("FCS", and together with FIG, the "Funds"). At the meetings, holders of units ("Unitholders") and holders of preferred securities ("Preferred Securityholders") of FIG will be asked to consider the proposed merger (the "Merger Proposal") of FIG into FCS, to create a single trust (the "Continuing Trust"). Preferred Securityholders of FIG will also be asked to consider the proposed exchange (the "Exchange") of FIG preferred securities for a new class of preferred securities of the Continuing Trust which, if approved, is expected to occur shortly following approval. FCS Unitholders and FCS Preferred Securityholders will also be asked to consider various amendments to the FCS declaration of trust and FCS trust indenture (the "FCS Proposals").
The Merger Proposal and FCS Proposals are being proposed in response to expected changes in the taxation of income funds. As a result of these changes, there are now an insufficient number of "income funds" for FIG and FCS to continue to meet their investment restrictions. Consequently, the Manager has proposed that the investment mandate of the Continuing Trust be expanded to remedy this situation. The Manager believes that these amendments will also benefit Securityholders by allowing the Continuing Trust to invest in a broader range of securities and giving the Continuing Trust the flexibility to adjust its portfolio in the future as and when required to respond to market movements.
The meetings of Unitholders and Preferred Securityholders will be held on September 13, 2010 at Stikeman Elliott LLP, 199 Bay Street, 51st Floor, Toronto Ontario, M5L 1B9 and details regarding the Merger Proposal, FCS Proposals and the Exchange will be contained in a joint management information circular (the "Circular") which will be mailed to Unitholders and Preferred Securityholders later in August. The Circular will also then be posted on Faircourt's website and on the SEDAR website at www.sedar.com. The record date for the special meetings is August 13, 2010. If no quorum is present for any meeting of Unitholders, such meeting(s) will be adjourned until September 27, 2010. If no quorum is present for any meeting of Preferred Securityholders, such meeting(s) will be adjourned until September 20, 2010. Unitholders and Preferred Securityholders are encouraged to attend the meetings or complete the proxy forms or voting instruction forms (as described in the Circular) in order that their units and preferred securities can be voted at the meetings.
SOURCE Faircourt Asset Management Inc.
For further information: For further information: www.faircourtassetmgt.com or please contact Faircourt Client Service at (416) 364-8989 or 1-800-831-0304