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TORONTO, April 30, 2013 /CNW/ - (FCS.PR.B; FCS.UN) - Faircourt Asset Management Inc. (the "Manager), as manager of Faircourt Split Trust (the "Trust") is pleased to announce that unitholders of the Trust ("Unitholders"), at a special meeting that was held today approved a resolution to implement a reorganization (the "Reorganization"), which will among other things allow (i) Unitholders, at their option, to retain their investment in the Trust after the its scheduled termination date of December 31, 2014 for an additional term ending June 30, 2019; (ii) for the termination date of the Trust to be extended for further successive terms of up to five (5) years, as determined by the Manager, in its capacity as the trustee of the Trust; and (iii) removing the deferred portion of the management fee payable and adjust the fee rate accordingly, all as more particularly set out in the management information circular dated April 1, 2013 (the "Circular"). The terms of the 6.25% preferred securities of the Trust will remain unchanged.
The Reorganization allows Unitholders to continue to enjoy the benefit of leveraged participation in the capital appreciation of the Trust's portfolio. In order to maintain the leveraged ''split trust'' structure of the Trust, following the redemption of the 6.25% Preferred Securities in December 2014 (or earlier if permitted), the Trust will issue new debt, through the issuance of new preferred securities or otherwise.
Certain statements contained in this news release constitute forward-looking information. Forward-looking information may relate to matters disclosed in this press release and to other matters identified in public filings relating to the Trust, to the future outlook of the Trust and anticipated events or results and may include statements regarding the future financial performance of the Trust. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information.
SOURCE: Faircourt Split Trust
For further information:
For a copy of the Circular, or for further information, please visit: www.faircourtassetmgt.com or please contact Faircourt Client Service at (416) 364-8989 or 1-800-831-0304.