The following are the names, office(s) held and principal occupations of the directors and officers of the Company:
Brian D. McChesney
President, Chief Executive Officer and Director
Stephen D. Pearce
Chief Financial Officer, Secretary and Director
(Director, Scotia Capital Inc.)
Robert C. Williams
(Chairman, Morrison Park Advisors)
John B. Newman
(Chairman, Multibanc Financial Holdings Limited)
Stephens B. Lowden
J. Nicholas Ross
(Chairman and Chief Executive Officer, Rover Capital Corporation )
Distributions will be declared and paid monthly on the Units based on distributions received on the portfolio less estimated expenses and any taxes payable by the Trust. All distributions are expected to be characterized as tax-efficient returns of capital resulting in no tax until maturity or disposition. For historical distribution amounts, please see distribution information.
The following provides a summary of the retraction rights available to Unitholders. Please refer to the prospectus for complete details.
Unlike most mutual funds the Units are listed allowing holders to exit by selling their Units. 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 Units on the market rather than retracting them. It should be noted that all the retractions listed below constitute a taxable disposition of the Units at the time of the retraction whether the retraction is received in the form of cash or portfolio shares.
Units may be surrendered for retraction at least one business day prior to the 15 th of each month for payment on the last day of each month or the preceding business day. Unitholders are entitled to receive a redemption price equal to the lesser of (i) 95% of the market price of the Units; and (ii) 100% of the closing market price of the Units on the applicable monthly valuation date less, in each case, any costs associated with the redemption, including brokerage costs.
Special Annual Retraction
The special annual retraction date occurs on December 31 st of each year. On that date Unitholders are entitled to receive a cash retraction price per Unit equal to 100% of the net asset value per unit less any costs associated with the retraction, including brokerage costs.
The Trust is scheduled to wind up on May 18, 2015, and at that time, the Trust will distribute to Unitholders their pro rata portion of the net assets of the Trust.
Distributions received by the Trust from the portfolio securities will be distributed to the Unitholders monthly as tax-efficient returns of capital. Amounts received as a return of capital are not taxable but must be used to reduce the adjusted cost base of an investor's Units.
The tax treatment and classification of revenue of distributions received are reported by the underlying issuers in the portfolio securities either at the time of declaration or on an annual basis.
A Unitholder will generally be required to include in computing income for a taxation year the amount of the Trust's net income, including net realized taxable capital gains, paid or payable to the Unitholder in the taxation year. If the distributions by the Trust to a Unitholder in any year exceed the net income and net realized capital gains of the Trust for the year paid or payable to the Unitholder, such distributions will not be taxable but will reduce the adjusted cost base of the Unitholder's Units. For a historical breakdown of distribution amounts, please see distribution information.