VANCOUVER, May 25, 2012 /CNW/ - Sunstone Investment Management Inc. (the "Manager"), the manager for the Morguard Sunstone Real Estate Income Fund (the "Fund") (TSX: MSN.UN), today announced that at the adjourned special meeting of the Class A unitholders and Class F unitholders of the Fund (collectively, the "Unitholders") held on May 23, 2012, the Unitholders have authorized by special resolution the conversion of the Fund from a closed-end investment trust to an open-ended mutual fund (the "Conversion").
Pursuant to the special resolution, the Manager has the authority to implement the Conversion on or before December 31, 2012. If the Manager implements the Conversion, the declaration of trust of the Fund dated June 18, 2010 will be amended and restated to facilitate the Conversion, as more fully described in the Fund's information circular in respect of the special meeting which is available under the Fund's profile on SEDAR at www.sedar.com. The investment objectives and investment strategies of the Fund would remain the same after Conversion. The Fund will provide at least 20 days' notice to Unitholders by news release prior to implementing the Conversion.
About Morguard Sunstone Real Estate Income Fund
The Fund, a closed-end investment trust, was created to provide Unitholders with the opportunity for (i) stable monthly distributions and (ii) long-term capital appreciation, through investment in an actively managed, diversified portfolio of publicly traded real estate securities, including securities of Canadian and United States real estate investment trusts and real estate operating companies and the companies that provide services to them and, to a lesser extent, bonds, convertible debentures and similar fixed-income securities, and securities of foreign issuers.
Additional information about Morguard Sunstone Real Estate Income Fund is available at www.sunstoneinvestments.com or www.sedar.com. Further information about Morguard Financial Corp., the Investment Manager, is available at www.morguard.com.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, the implementation of the Conversion, the consequences of the Conversion and the future investment objectives and investment strategies of the Fund. Forward-looking information can often be identified by the expressions ''expect'', ''intend'', "will" and similar expressions to the extent they relate to the Fund and the Manager. The forward-looking statements are not historical facts but reflect the Fund's and the Manager's current expectations regarding future events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations including, but not limited to, economic conditions affecting real estate investment trusts and real estate operating companies and the companies that provide services to them, general economic and business conditions, the receipt of any necessary regulatory approvals and other factors which are not currently known, as well as changes in the global economy, general economic and business conditions, existing governmental regulations and other market factors specific to the real estate sector. Although the Fund and the Manager believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Fund and the Manager undertake no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law. For a complete disclosure record for the Fund please visit the Fund's profile on www.sedar.com.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
For further information:
Andrew Greig, Investor Relations
Sunstone Investment Management Inc.
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959