/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER
UNITED STATES WIRE SERVICES/
TORONTO, Aug. 29 /CNW/ - Faircourt Asset Management Inc., the Manager of
Faircourt Income & Growth Split Trust (TSX: FIG.UN; FIG.PR.A) (the "Trust"),
is pleased to announce the unaudited financial results for the Trust for the
six month interim period ("Interim Period") ended June 30, 2007.
Net investment income generated during the interim period ended June 30,
2007 amounted to $3.76 million. The Trust's unrealized gain on investments
increased by $6.65 million and its net realized gains were $9.06 million. As a
result, the net asset value ("NAV") per Trust Unit began the interim period at
$15.35 and ended at a level of $16.04 on June 30, 2007 (based on Transaction
NAV). During the interim period, the Trust announced six regular monthly
distributions of $0.1063 per Trust Unit for a total of $0.6378 per Trust Unit,
representing an annualized yield of 8.5% on the original subscription price.
During the interim period the Trust also announced its quarterly interest
payments on the Preferred Securities of $0.3125 per Preferred Security,
representing an annualized yield of 6.25% on the original subscription price.
The NAV of the Trust Units, combined with paid distributions during the
interim period ended June 30, 2007, provided a total return for holders of
Trust Units of 8.95%, results which have outperformed the blended benchmark
return of 7.87%. The blended benchmark for the Trust is comprised of a 50%
weight in the S&P/TSX Capped Income Trust Total Return Index, a 35% weight in
the S&P/TSX Composite Total Return Index, and a 15% weight in the S&P 500-CDN$
Total Return Index. The makeup of the blended benchmark was adjusted following
to the merger and exchange of preferred securities of the Faircourt Funds to
reflect the broader range of permitted securities. The S&P/TSX Capped Income
Trust Total Return Index returned 10.07%, the S&P/TSX Composite Total Return
Index returned 9.05%, and the S&P 500-CDN$ Total Return Index returned -2.22%
over the same period.
The Trust was created using a dual security structure, consisting of
Trust Units and Preferred Securities, to provide investors with leveraged
capital growth potential and greater ability to choose the tax character of
distributions they will receive.
The Investment Advisor to the Trust is Acuity Investment Management Inc.
For further information:
For further information: on Income & Growth Split Trust, please visit
www.faircourtassetmgt.com or contact: Charles Taerk, President, or Douglas
Waterson, CFO, at (416) 364-8989 or 1-800-831-0304