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 and Director
(Director, Scotia Capital Inc.)
(Managing Director, Scotia Capital Inc.)
James P. Bowland
Director and Chair of the Audit Committee
(Vice Chairman, Alexander Capital Group and Corporate Director)
Thomas A. Pippy
Director and Chair of the Board
(Professor, Conestoga College)
Director and Chair of the IRC
|Net Asset Value (NAV) per Unit||$8.88|
|Market Price (TSX)||$8.71|
|Targeted Annual Distribution||$0.70|
|Trailing 12-Month Distribution||0.5336|
Distributions will be declared and paid monthly on the Units. The Fund intends to pay equal monthly distributions (equal to one-twelfth of the annual targeted rate) initially expected to be $0.0583 per Unit (approximately $0.70 per annum, representing an annual cash distribution of 7.00% based upon the $10.00 per Unit issue price). For historical distribution amounts, please see distribution information.
The following provides a summary of the redemption 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 redeemable at any time. Because of the manner in which the redemption prices are calculated, investors are almost always better off selling their Units on the market rather than redeeming them. It should be noted that all the redemptions listed below constitute a taxable disposition of the Units at the time of the redemption.
Units may be surrendered for redemption on the last business day of any month, other than, commencing in 2013, the month of December by no later than 5:00 pm on the 15th day of such month or the immediately preceding business day in the event that the 15th is not a business day. Payment of the proceeds of redemption will be made on or before the last business day of the following month. Unitholders are entitled to receive a redemption price equal to the lesser of (A) 95% of the weighted average trading price of the Units on the TSX during the 10 trading days preceding the applicable monthly redemption date, and (B) the "market price" of the Units on the principal market on which the Units are quoted for trading on the applicable monthly retraction date. The "market price" means the closing price of the Units on the TSX or such other stock exchange on which the Units may be listed on the monthly redemption date or, if there was no trade during the relevant period preceding a monthly redemption date, the average of the last bid and the last asking prices of the Units on the TSX or such other stock exchange on which the Units may be listed on such date.
Commencing in 2013 the annual redemption payment date occurs on December 31st of each year. Units may be surrendered for annual redemption to the Fund's registrar and transfer agent by no later than 5:00 p.m. (Toronto time) on November 15 of such year or the immediately preceding business day, in the event that November 15 is not a business day. Payment of the proceeds of redemption will be made on or before the last business day of January.
Mandatory Market Purchase Program
Pursuant to the Declaration of Trust, the Fund will undertake a mandatory market purchase program pursuant to which thee Fund will offer to purchase any Units offered in the market at a price that is less than 98% of the latest NAV per Unit. The Fund will publish this price on the Manager's website at www.scotiamanagedcompanies.com each day on which the TSX is open for business. Please refer to the prospectus for complete details.Taxation
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. The non-taxable portion of the Trust's net realized capital gains paid or payable (whether in cash or in Units) to a Unitholder in a taxation year will not be included in the Unitholder's income for the year.
On the disposition or deemed disposition of a Unit, the Unitholder will realize a capital gain (or capital loss) to the extent that the Unitholder's proceeds of disposition, net of any reasonable costs of disposition, exceed (or are less than) the adjusted cost base of the Units. For the purpose of determining the adjusted cost base to a Unitholder, when a Unit is acquired, the cost of the newly acquired Units will be averaged with the adjusted cost base of all Units owned by the Unitholder as capital property before that time.