TORONTO, Oct. 5 /CNW/ - O'Leary Funds Management LP ("O'Leary"), the manager of O'Leary Global Infrastructure Fund (TSX: OGN.un/OGN.wt) (the "Fund") is pleased to announce today that it intends to pay out an estimated special distribution of $1.00 per class A unit ("Unit") to unitholders of record on December 31, 2009 (the "Record Date"). O'Leary is also pleased to announce that it intends to call a special meeting of the unitholders of the Fund to propose a reorganization of the Fund into an open-ended mutual fund within the first quarter of 2010.
The estimated combined special and monthly distribution is expected to be paid on or before January 15, 2010. This special distribution is derived from realized capital gains on investments as well as other realized income sources. The Fund is required to distribute annually all of its realized net income (including realized capital gains) so that the Fund will not be liable to pay income tax under Part I of the Income Tax Act (Canada). Monthly regular distributions of $0.06 per Unit will also be paid to unitholders of record on October 30, November 30 and December 31, 2009. This special distribution will bring cumulative distributions to $1.93 per Unit since inception of the Fund from December 31, 2008 through December 31, 2009. The net asset value per Unit of the Fund as of October 2, 2009 is $13.27 ($12.48 on a diluted basis).
Holders of warrants ("Warrants") of the Fund ("Warrantholders") who wish to participate in this special distribution must first exercise their Warrants in order to become unitholders of the Fund prior to the Record Date. In order to exercise such Warrants and purchase Units, Warrantholders must notify Computershare Trust Company of Canada between today and 5:00 p.m. (Toronto time) on October 15, 2009 or between November 2, 2009 and 5:00 p.m. (Toronto time) on November 13, 2009. Warrants are also exercisable on November 30, 2009 prior to 5:00 p.m. on that date. Warrants not exercised prior to 5:00 p.m. (Toronto time) on November 30, 2009 will be void and of no value.
The Fund is a closed-end investment fund managed by O'Leary. The Fund's investment objectives are to invest globally in: (i) publicly traded equity and debt securities issued by infrastructure issuers with market capitalizations of at least $1 billion; and (ii) investments in equity and debt securities of private issuers having infrastructure assets or operations.
SOURCE O'LEARY GLOBAL INFRASTRUCTURE FUND
For further information: For further information: Investor Relations for O'Leary Funds at (877) 849-2004 x226 or visit olearyfunds.com