TORONTO, March 28, 2013 /CNW/ - SCITI Trust (the "Trust") announced today that the final condition required to extend the term of the Trust for an additional five years to April 30, 2018 has been met. Holders ("Unitholders") of SCITI Trust units ("Units") previously approved the extension subject to the condition that a minimum of 8,000,000 Units remain outstanding following the March 27, 2013 additional special retraction right (the "Special Retraction Right"). Under the Special Retraction Right, 49,033 Units were tendered to the Trust for retraction on April 29, 2013.
Unitholders continuing their investment in the Trust will enjoy the benefit of monthly distributions and the potential for capital appreciation from the Trust's investment portfolio. Following the completion of the Special Retraction Right, 21,301,071 Units (representing 99.77% of the currently outstanding Units) will remain 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 Yielding Equity Index (the "Index") on an approximately equal weight basis 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 Toronto Stock Exchange 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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