New Millennium Technology Trust (TSX: NMT.UN) Announces Details of Special Unitholder Meeting



    TORONTO, March 26 /CNW/ - New Millennium Technology Trust (TSX: NMT.UN)
announces that the information circular setting out the details of the
business of the previously announced special meeting of the unitholders of the
Trust to be held on April 23, 2007 is currently being mailed to Unitholders.
Unitholders of record on February 27, 2007 are entitled to receive notice of
and to vote at the meeting. If needed, an adjourned meeting will be held on
May 2, 2007.
    At the meeting, Unitholders will be asked to consider two extraordinary
resolutions:

    
        (1)   a resolution to amend the Trust's investment objectives and
              strategy to effectively use the Trust's existing tax losses to
              offset income earned from investment in a broad range of
              investment opportunities, while providing the opportunity for
              non-taxable capital growth, among other specific things (the
              "Investment Mandate Change Resolution"); and

        (2)   in the event the Investment Mandate Change Resolution is not
              passed, a resolution to redeem all outstanding Units of the
              Trust as soon as practicable following the meeting (the
              "Termination Resolution").
    

    The Investment Management Change Resolution is an extraordinary
resolution authorizing amendments to the declaration of trust to: (i) amend
the investment objectives, strategy and restrictions of the Trust so that the
Trust may invest on an actively managed basis in a diversified portfolio
consisting of a broad range of investment opportunities, including natural
resources issuers; (ii) change the fees payable by the Trust, including
increasing the Manager's annual fee to 2.00% of the net asset value of the
Trust and adding a performance-based incentive fee; (iii) authorize the Trust
to use leverage as part of the investment strategy, up to a maximum of 300% of
the net asset value of the Trust; (iv) authorize the Trust to use derivatives
for hedging and non-hedging purposes; (v) amend the annual and monthly
redemption rights, including the amounts payable on the surrender of units of
the Trust ("Units") for redemption; (vi) change the name of the Trust to
reflect the new mandate; (vii) make certain amendments to the Trust Agreement
to allow for more efficient management of the Trust and conform the Trust with
current regulatory requirements and industry practices; and (viii) amend the
termination provisions of the Trust.
    The objective of the Investment Mandate Change Resolution is to provide
Unitholders with current tax efficient income and the potential for capital
growth through an alternative investment strategy for the Trust - one that
invests in a broad range of investment opportunities that First Asset
Investment Management Inc., as manager of the Trust, deems to be attractive
and to offer superior risk and reward characteristics. If approved, the change
will provide investors with exposure to an actively managed, diversified
portfolio comprised of a broad range of issuers, including natural resource
issuers. For example, as part of its new investment strategy, the Trust will
attempt to capitalize on mispricings in the market for natural resource
issuers and the drivers of those returns, such as commodity prices, credit
risk and company specific risks. As such, the Trust will seek to be active on
both sides of the market and adjust the relative proportions of long and short
positions based on dynamic monitoring of the portfolio and the drivers of
long-term returns in the sector. By examining and monitoring natural
resource-based equities in the Canadian and, to a lesser degree, international
markets, as well as the commodity and broad drivers of portfolio return, the
Manager hopes to exploit opportunities as they present themselves, on terms
acceptable to the Manager. In addition, the Trust will look for other special
situations in the Canadian marketplace that offer superior risk and reward
characteristics.
    The Manager believes that benefits afforded by the change of investment
mandate is a better use of Unitholders' investment than the current strategy.
Further, the Manager believes that the benefits of this strategy will be
enhanced through the use of existing tax losses. The new investment strategy
will effectively use the Trust's existing tax losses to offset income, while
providing the opportunity for non-taxable capital growth. If the new
investment strategy is approved, the Trust's quarterly distributions will be
tax free until existing non-capital losses are fully utilized or expire. In
addition, realized capital gains will be offset against existing capital
losses to provide tax free growth.
    If the Investment Mandate Change Resolution is not approved by
Unitholders at the meeting, Unitholders will be asked to vote on the
Termination Resolution, an extraordinary resolution authorizing the Manager to
redeem all of the outstanding Units of the Trust at their net asset value, as
soon as practicable following the meeting, and make all such amendments to the
Trust Agreement as are in the opinion of the Manager necessary or desirable to
give effect to the foregoing on a basis which the Manager determines is in the
best interests of Unitholders, while preserving the tax losses to be utilized
by another fund in the future. If the Investment Mandate Change Resolution is
approved by Unitholders, the Termination Resolution will be withdrawn.
    In the event that neither of the extraordinary resolutions is passed, the
Trust may have insufficient assets to properly execute its existing strategy
and may ultimately be delisted.





For further information:

For further information: Paul Dinelle (Executive Vice-President), or Rob
MacNiven (Investor Relations), at First Asset Investment Management Inc., at
(416) 642-1289 or (877) 642-1289

Organization Profile

NEW MILLENNIUM TECHNOLOGY TRUST

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TRIAX CAPITAL CORPORATION

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