TORONTO, March 17, 2015 /CNW/ - Canadian Resources Income Trust (the "Trust" or "CaRIT") announced today that the final condition required to reorganize and extend the term of the Trust for an additional five years to March 31, 2020 has been met. Holders ("Unitholders") of CaRIT units ("Units") previously approved the reorganization and extension subject to the condition that a minimum of 800,000 Units remain outstanding following the March 16, 2015 special retraction right (the "Special Retraction Right"). Following the Special Retraction Right, 1,505,029 Units will remain outstanding representing 93.4% of the currently outstanding Units.
Under the Special Retraction Right, 106,056 Units were tendered to the Trust for retraction on March 31, 2015. Unitholders having tendered their Units pursuant to the Special Retraction Right will receive, on March 31, 2015, a cash amount for each Unit submitted equal to net realized proceeds together with any unpaid distributions in respect of such Unit (payable to Unitholders on record as at March 30, 2015).
Unitholders continuing their investment in the Trust will enjoy the benefit of regular monthly distributions from in an equally weighted portfolio comprising the 20 highest yielding natural resource issuers in the S&P/TSX 60 Index. The initial distribution target is expected to be 6.00% per annum based on the Trust's net asset value as at March 31, 2015.
Trust Units of CaRIT are listed for trading on The Toronto Stock Exchange under the symbol RTU.UN.
SOURCE Canadian Resources Income Trust
For further information: Investor Relations: CaRIT LP, Trustee of Canadian Resources Income Trust, (416) 863-7144, E-mail: [email protected], Web site: www.scotiamanagedcompanies.com