TORONTO, March 18 /CNW/ - (GAT.UN; UTR.UN) - UBS Global Asset Management
(Canada) Co., as manager of both UBS Global Allocation Trust (GAT) and UBS
Total Return Trust (UTR) has announced that it is holding special meetings of
unitholders on May 15, 2008 for GAT and UTR (together, the "Funds"). Among the
items unitholders will be asked to consider is the proposed merger of the
Funds. Under the proposed merger, the portfolio of UTR would be combined with
that of GAT and UTR unitholders would receive units of GAT on a tax-deferred
rollover basis in exchange for their units of UTR based on the respective net
asset values of UTR and GAT on the merger date. Unitholders of GAT will also
be asked to approve the expansion of the guidelines for GAT.
A merger of the Funds would increase the assets in the merged fund to
approximately $92 million (based on current valuations), thus enabling
unitholders of the Funds to hold an investment in an entity that has a higher
market capitalization, potential increased liquidity of units on the Toronto
Stock Exchange (TSX) and lower management and administration costs per unit.
Unitholders of record on April 14, 2008 will be entitled to receive
notice of and vote at the meetings. Additional details regarding the proposed
merger will be outlined in a joint information circular that will be sent in
early April 2008. The information circular will also be available at
www.sedar.com. Unitholders are encouraged to complete voting instruction forms
in order that their units can be voted at the meetings. If the proposed merger
is approved by unitholders of each of UTR and GAT, the merger is expected to
occur on or before June 30, 2008, subject to TSX and regulatory approval.
Unitholders of UTR who do not wish to participate in the planned merger
and become unitholders of GAT will have the opportunity to redeem their units
before the merger occurs. In order to provide unitholders with this option,
the annual redemption date for UTR will be moved up from November 30 to
April 30. The required redemption notice period for each terminating fund has
been reduced to 10 business days prior to April 30, being April 17.
Surrendered units will be redeemed at a price calculated with reference to the
net asset value per unit in accordance with the respective terminating fund's
Supplemental Trust Agreement.
UBS Global Asset Management is one of the world's leading asset managers,
providing traditional, alternative and real estate investment management
solutions to private clients, financial intermediaries and institutional
investors worldwide. Invested assets totaled some CAD 781 billion at
31 December 2007, making the firm one of the largest global institutional
With over 3,600 employees, located in 25 countries, UBS Global Asset
Management is a truly global firm. The main offices are in Basel, Chicago,
Frankfurt, Grand Cayman, Hartford, Hong Kong, London, Luxembourg, New York,
Rio de Janeiro, Sydney, Tokyo, Toronto and Zurich.
Would you like to receive this information electronically? Please contact
UBS Global Allocation Trust at firstname.lastname@example.org
For further information:
For further information: UBS Global Asset Management (Canada) Co.,
Unitholder Relations, 1-866-827-9300,
http://www.ubs.com/1/e/globalam/canada/retail/trt/press.html; For all media
inquiries, please contact Graeme Harris at (416) 350-2804