Press release from Marketwire
Brookfield Soundvest Funds Announce Monthly Distributions
Wednesday, November 17, 2010
TORONTO, ONTARIO--(Marketwire - Nov. 17, 2010) - Brookfield Soundvest Funds (TSX:BSE.UN)(TSX:BSD.UN)(TSX:BSD.PR.A) today announced monthly distributions for the following funds:
|Fund||Ticker (TSX)||Distribution (per unit)||Record Date||Payable Date|
|Brookfield Soundvest Equity Fund||BSE.UN||$||0.025||November 30, 2010||December 15, 2010|
|Brookfield Soundvest Split Trust||BSD.UN||$||nil||See below||See below|
|Brookfield Soundvest Split Trust (quarterly preferred interest payment)||BSD.PR.A||$||0.15||November 30, 2010||December 15, 2010|
The monthly distribution on the Capital Units of the Brookfield Soundvest Split Trust (the "Trust") has been suspended for the current month, as the Trust's net asset value is below the required 1.4 times asset coverage ratio. In addition, and as previously disclosed, the annual redemption rights attributable to the Capital Units and the Combined Securities of the Trust have been temporarily suspended until such time that the Trust is able to maintain a 1.4 times asset coverage ratio. The Trust continues to monitor its net asset value to determine when redemption privileges may be reinstated. When it appears that the Combined Value determined as of a specified redemption date will, after giving effect to the redemptions, be greater than 1.4 times the Repayment Price determined as of that same date, the suspension will be lifted and a specific redemption date will be announced. Such specified redemption date, if announced, would replace the annual redemption provisions of the Trust which are currently suspended.
The Trust will also continue to monitor its net asset value to determine when it will be able to make future distributions on its Capital Units. The quarterly distributions payable on the Trust's Preferred Securities continue to be unaffected by these announcements.
Brookfield Soundvest Funds give investors access to tax-advantaged distributions while focusing on capital preservation and long-term total return. The manager and investment advisor and portfolio manager for the Funds is Brookfield Soundvest Capital Management Ltd. (the "Manager"), an established investment advisor, providing investment management services to trusts, foundations, corporations and high net worth individuals.
For further information please visit www.brookfieldsoundvest.com or www.brookfieldfunds.com.
Note: This news release contains forward-looking information within the meaning of Canadian provincial securities laws. The words "may", "will", "continue", "resume" and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify the above mentioned and other forward-looking statements. Forward-looking statements in this news release include statements regarding resumption of the temporarily suspended annual redemption privilege in respect of the Trust and payment of future monthly distributions in respect of Capital Units of the Trust. Although the Manager believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward looking statements or information in this news release. The future performance and prospects of the Trust are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of the Trust to differ materially from those contemplated or implied by the statements in this news release include general economic conditions in Canada and elsewhere, changes in legislation including tax laws and regulations and other risks and factors described in the documents filed by the Manager with the securities regulators in Canada including under "Risk Factors" and other risks and factors described in the Trust's prospectus and the Trust's most recently filed Management Report of Fund Performance, Annual Information Form and other continuous disclosure documents available at www.sedar.com or www.brookfieldfunds.com. Except as required by law, the Manager undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations Brookfield Soundvest Funds 888-777-4019 firstname.lastname@example.org