Lawrence Payout Ratio Trust Unit Holders Approve Changes to Investment Restrictions and Investment Strategy

    TORONTO, March 30 /CNW/ - A Special Meeting of Unitholders of Lawrence
Payout Ratio Trust ("LPU") was held today at which the Unitholders present in
person or by proxy voted in favour of an extraordinary resolution authorizing
the proposed changes to the Trust's investment restrictions and investment
strategy to better position the Trust for performance and sustainability in
light of the government's proposal to tax Income Funds commencing in 2011.
    The Trust previously employed a strategy whereby, of the 40 income funds
included in the portfolio, 18 (45%) were business and industrial funds, 10
(25%) were commodity-based trusts, 6 (15%) were real estate investment trusts
and 6 (15%) were pipeline and power generation funds (the "Fixed Sector
Weightings"). The Manager proposed to change the investment strategy and
investment restrictions of the trust to remove the restrictions on the income
funds in which the Trust can invest. The result of this change will be to move
from a passive, rules-based approach to an actively managed portfolio of
income funds without increasing the management fee. The Manager's intention is
to continue to focus on income funds with low payout ratios. The Manager
believes that an active management approach focusing on income funds with low
payout ratios will provide the Trust with more flexibility and therefore be
beneficial to unitholders. As a result of the proposed amendments, the Fixed
Sector Weightings have been removed as have the requirements that, for
inclusion in the portfolio of the Trust, an income fund must (i) have a market
capitalization of at least $200 million, (ii) have not reduced or suspended
distributions during the previous 24 months, and (iii) have had its securities
listed for trading on the Toronto Stock Exchange for at least 12 months. The
requirement to invest in 40 equally weighted income funds and rebalance the
Trust on a quarterly basis has also be removed.
    The manager believes the changes to the investment strategy and the
investment restrictions will provide the Trust with the flexibility to adapt
to changes in the income fund sector and will contribute to improved net asset

    Lawrence Asset Management is a performance-oriented investment firm that
manages a growing family of alternative investment funds designed to deliver a
combination of capital appreciation and yield in a tax efficient manner. The
firm draws upon the experience of its partners and advisory board to identify
sectors and asset classes that will deliver returns to its investors. Lawrence
Payout Ratio Trust is managed by Lawrence Asset Management Inc.

    %SEDAR: 00021336E

For further information:

For further information: Investor Relations, Catherine Stretch, (416)

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