TORONTO, April 29, 2013 /CNW/ - SCITI Trust (the "Trust") announced today the completion of its previously announced extension which involved (i) extending the redemption date of the Trust to April 30, 2018, (ii) the addition of an investment restriction limiting sector weighting of the Trust's portfolio to 25% of total assets at the time of investment, (iii) certain amendments to the declaration of trust of the Trust designed to facilitate future offerings and provide flexibility on borrowings, and (iv) the creation of a special retraction right, which provided unitholders who did not wish to extend their investment with the option of retracting their units as originally contemplated on April 29, 2013. The extension was approved at a meeting of unitholders of the Trust on March 14, 2013.
As previously announced, 49,033 units (representing 0.23% of the then outstanding units) were tendered to the special retraction right and, as a result, 21,301,071 units of the Trust are outstanding.
About SCITI Trust
The Trust is an investment trust whose investment portfolio consists of the 50 highest yielding members of the Scotia Capital High Yield Equity Index (the "Index") on an approximately equal weight basis, subject to a 25% sector weighting restriction, in order to provide unitholders with a diversified and high yielding portfolio. The Index has been designed to track the 75 highest yielding equity securities listed on the TSX without regard to corporate structure or liquidity and subject to a number of tests related to market capitalization and distribution sustainability.
The units of the Trust are listed for trading on The Toronto Stock Exchange under the symbol SIN.UN.
SOURCE: SCITI Trust
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