Voluntary - Annual Redemption PrivilegeFeedback/Comments appreciated on the implications of the '
Voluntary - Annual Redemption Privilege' that has a Deadline for Instructions of Monday, November 16, 2017 /2 11:59 a.m. Toronto Time:
Canoe EIT arranges voluntary cash redemption Dec. 8
2017-10-16 11:45 ET - News Release
An anonymous trustee reports
CANOE EIT INCOME FUND ANNOUNCES 2017 VOLUNTARY CASH REDEMPTION
Canoe EIT Income Fund has arranged its 2017 voluntary cash redemption.
Voluntary annual cash redemption
The redemption date for the fund's annual voluntary cash redemption will be Dec. 8, 2017. Unitholders are entitled to redeem units of the fund at a price equal to 95 per cent of the average net asset value (NAV) of the three trading days preceding the Dec. 8, 2017, redemption date, less direct costs. Direct costs are expected to be less than 1 per cent. If all redemption requests exceed 10 per cent of the aggregate outstanding units of the fund on Nov. 17, 2017, the final day to submit units for redemption, the fund will process redemptions to this maximum on a pro rata basis based on the total number of units tendered. Payment for units that have been tendered and accepted for redemption will be made on or before Jan. 3, 2018.
Unitholders wishing to redeem their units must provide notice of their intent to do so with their investment adviser or brokerage office no later than Nov. 17, 2017. Please note that investment firms may impose an earlier deadline in order to facilitate the processing of redemption requests. Unitholders are strongly urged to consult their investment adviser or brokerage office directly to confirm their internal deadlines. Registered unitholders (those who hold a physical share certificate in their name) should contact the fund's transfer agent, Alliance Trust Company, at 403-237-6111 to redeem their units. Units that have been submitted for redemption will remain eligible for the October, 2017, and November, 2017, distributions which are paid in November, 2017, and December, 2017, respectively.
Please note that any redemption requests made by non-resident unitholders may be subject to withholding tax.
Key dates:
- Oct. 16 to Nov. 17, 2017 -- unitholders may tender units for redemption;
- Dec. 5, Dec. 6 and Dec. 7, 2017 -- redemption price determined based on average net asset value of these trading days;
- Dec. 8, 2017 -- redemption date;
- Jan. 3, 2018 -- payment of redemption proceeds on or before this date.
About Canoe EIT Income Fund
The fund is one of Canada's largest, diversified closed-end investment funds. It is actively managed and invests in a diversified portfolio of income-generating and capital-growth-oriented securities listed primarily on the Toronto Stock Exchange. The fund is designed to maximize distributions and net asset value for the benefit of its unitholders and is managed by Robert Taylor, senior vice-president and portfolio manager of Canoe Financial.
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