TORONTO, March 28, 2013 /CNW/ - Two of Sprott's investments funds: Sprott Strategic Fixed Income Fund and Sprott Private Credit Trust (the "Funds") utilize forward purchase and sale agreements to allow unitholders to receive tax-advantaged distributions. The "Character Conversion" measures proposed in the Federal Budget on March 21, 2013, would affect certain tax benefits gained by taxable unitholders of these investment funds. Based on its review to date, Sprott Asset Management LP., the manager of the Funds, believes that the Funds' current structure will be unaffected by the Character Conversion measures until the expiration of the Funds' forward agreements (July 14, 2016 for Sprott Strategic Fixed Income Fund and January 3, 2017 for Sprott Private Credit Trust). However, the manager awaits further guidance from the Federal Government and will provide additional details as they become available.
About Sprott Asset Management LP
Sprott Asset Management LP, a wholly owned subsidiary of Sprott Inc., is an investment manager dedicated to achieving outstanding returns for its investors over the long-term. With a history dating back to 1981, Sprott has a team of leading investment professionals that think independently and have the courage to act on their convictions. Our clients include individual and high-net-worth investors, institutions and endowments. Please visit us at www.sprott.com to learn more about our award-winning investment professionals and their market insights.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expects", "intends", "anticipates", "will" and similar expressions to the extent that they relate to the Funds. The forward-looking statements are not historical facts but reflect Sprott's current expectations regarding future results or 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. Although Sprott believse 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. Sprott doesn't undertake any 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.
SOURCE: Sprott Asset Management LP
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