TORONTO, March 20 /CNW/ - CaRIT Limited, trustee of Canadian Resources
Income Trust ("CaRIT"), announced today that the proposed extension of CaRIT
for an additional three years to March 31, 2010 (the "Extension") received
overwhelming approval by the holders ("Unitholders") of CaRIT units ("Units")
at a special meeting of Unitholders held earlier today. The Extension will
enable Unitholders to continue their investment beyond the scheduled
termination date of March 31, 2007.
Unitholders who do not wish to continue their investment may tender their
Units for retraction on or before April 5, 2007 and receive 100% of the net
realized proceeds thereof. The Extension will only be implemented if a minimum
of 1,600,000 Units remain issued and outstanding following the exercise of the
special retraction right by Unitholders.
If the Extension does not proceed (as a result of excess retractions)
CaRIT will terminate on April 5, 2007 and thereafter distribute to Unitholders
their pro rata portion of each of the securities comprising the portfolio and
any remaining net assets held by the CaRIT after the satisfaction or provision
for all liabilities of CaRIT. In lieu of receiving portfolio securities,
Unitholders may elect to receive a cash payment for their Units, in which case
their pro rata portion of the portfolio securities will be sold on their
behalf following the termination of CaRIT and the net proceeds realized from
such sale will be distributed, all as more particularly described in the
information circular dated February 20, 2007.
Trust Units of CaRIT are listed for trading on The Toronto Stock Exchange
under the symbol RTU.UN.
For further information:
For further information: Investor Relations, CaRIT Limited, Trustee of
Canadian Resources Income Trust, (416) 863-7144, E-mail:
email@example.com, Web site: www.scotiamanagedcompanies.com