TORONTO, March 14, 2013 /CNW/ - SCITI Trust (the "Trust") announced today that holders ("Unitholders") of SCITI Trust units ("Units") have approved a proposal to extend the Trust that involves (i) the extension of the originally scheduled redemption date to April 30, 2018, (ii) the creation of a special retraction right on April 29, 2013, (iii) an amendment to the investment objectives and strategies of the Trust to limit the weightings in any one sector to 25% of total assets, and (iv) an amendment to the declaration of trust of the Trust to facilitate future offerings and provide flexibility on borrowings. The extension will become effective provided holders of at least 8,000,000 Units retain their Units and do not exercise the special retraction right referred to below.
Unitholders who do not wish to continue their investment in the Trust after April 29, 2013 must give notice that they wish to exercise the special retraction right with respect to their Units on or prior to March 27, 2013. Unitholders who wish to retract their Units should contact their broker or other intermediary, as they may set a deadline earlier than March 27, 2013. Unitholders who retract their Units pursuant to such special retraction right will be paid on April 29, 2013.
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 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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