TORONTO, June 7 /CNW Telbec/ - Fiera YMG Capital Inc. (the "Manager"),
the sponsor and manager of the Yield Management Group High Income Trust, a
closed end investment trust listed on The Toronto Stock Exchange (HIT.UN),
announced today that the board of directors of the Manager has approved the
extension of the term of the Trust until November 9, 2012.
On November 30, 2006, unitholders of the Trust passed an extraordinary
resolution authorizing the board of directors of the Manager of the Trust to,
in its discretion, authorize certain alternatives to the termination of the
Trust, which was due to terminate on November 13, 2007. One such alternative
was to continue the Trust for a further term of not less than 5 years and not
more than 7 years.
The Trust is permitted to invest in a broad range of high income
securities including high dividend paying common shares, preferred shares,
bonds and income trusts. Since the inception of the Trust, the Manager has
adjusted the asset mix of the Trust in response to changing markets and
provided a steady distribution and capital appreciation to unitholders. With
this flexibility, the Manager believes that the Trust can continue to achieve
its investment objective after November 2007 despite the proposed introduction
of a tax commencing in 2011 on distributions made by income trusts.
Unitholders not wishing to continue their participation in the Trust will
be entitled to redeem their Units for cash at the Net Asset Value on November
13, 2007. To do so, unitholders will be required to deliver written notice to
the Manager prior to August 15, 2007. Full particulars of the extension and
the option to redeem will be sent to unitholders before the end of the June.
For further information:
For further information: Jim Craven, Senior Vice President, Fiera YMG
Capital Inc., (416) 955-4898