The following are the names, office(s) held and principal occupations of the directors and officers of the Company:
Donald W. Paterson
Chairman and Director
(President, Cavandale Corporation)
Robert C. Williams
(Chairman, Morrison Park Advisors)
Stephen D. Pearce
Chief Financial Officer, Secretary and Director
(Director, Scotia Capital Inc. )
David M. Mann
(Vice Chairman, Emera Inc.)
Brian D. McChesney
Director, President & CEO
Michael K. Warman
(Managing Director, Scotia Capital Inc.)
|Net Asset Value (NAV) per Unit||$75.29|
|Market Price (TSX)||$32.25|
|Market Price (TSX)||$42.76|
|Net Asset Value||$43.22|
|Premium/(Discount) to NAV||-1.07%|
The Company's dividend policy is to pay quarterly fixed cumulative preferential dividends of $0.3327 per Class B Preferred Share. For historical dividend amounts, please see distribution information.
The following provides a summary of the retraction rights available to shareholders. Please refer to the prospectus for complete details.
Unlike most mutual funds the Capital and Preferred Shares are
listed allowing holders to exit by selling their Shares. In addition,
they are also retractable at any time. Because of the manner in which
the retraction prices are calculated, investors are almost always better
off selling their Shares on the market rather than retracting them. It
should be noted that all the retractions listed below constitute a
taxable disposition of the Company's Shares at the time of the
retraction whether the retraction is received in the form of cash or
Capital and Preferred Shares may be surrendered for retraction at any time for payment on the twenty-sixth day of each month or the preceding business day. Capital Shareholders are entitled to receive 95% of the unit value less the cost of purchasing a Preferred Share, less $1.00. Preferred Shareholders who elect to retract are entitled to a payment equal to 95% of the unit value less the cost of purchasing a Capital Share in the market, less $1.00.
A holder who concurrently retracts one Capital Share and one Preferred Share will be entitled to receive 95% of the unit value, less $1.00.
Special Annual Retraction
The special annual retraction date occurs on June 26th of each year. On that date Capital Shareholders are entitled to receive the amount, if any, by which the unit value exceeds $32.07. If the holder tenders one Capital Share and one Preferred Share, then the holder is entitled to receive an amount equal to the unit value. If the holder tenders 10,000 or more Capital Shares and $32.07 in cash or one Preferred Share for each tendered Capital Share, such holder may instead choose to receive a pro rata interest in the common shares held by the Company.
The Company may redeem Preferred Shares on any annual retraction date at a price per share equal to $32.07 to the extent that Capital Shares are retracted under a special annual retraction.
Dividends other than the capital gains dividends received by individuals on the Preferred or Capital Shares will be subject to the normal gross-up and dividend tax credit rules applicable to dividends received on shares of a taxable Canadian corporation.
The amount of any capital gains dividend received by a holder of Preferred or Capital Shares will be considered to be a capital gain in the taxation year in which the capital gain is received.
The Company qualifies as a "mutual fund corporation" and a "financial intermediary corporation" as defined in the Income Tax Act (Canada). As a result thereof and after deduction of expenses in computing its income, the Company does not anticipate that it will be subject to any material non-refundable income tax liability.