Press release from Marketwire
Brookfield Soundvest Funds Announce Distributions
Monday, August 22, 2011
OTTAWA, ONTARIO--(Marketwire - Aug. 22, 2011) - Brookfield Soundvest Funds (TSX:BSE.UN)(TSX:BSD.UN)(TSX:BSD.PR.A) today announced distributions for the following funds:
|Distribution (per unit)||
|Brookfield Soundvest Equity Fund (monthly distribution on Capital Units)||BSE.UN||$0.02||August 31, 2011||September 15, 2011|
|Brookfield Soundvest Split Trust (quarterly distribution on Capital Units)||BSD.UN||$nil||See Below||See Below|
|Brookfield Soundvest Split Trust (quarterly preferred interest payment)||BSD.PR.A||$0.15||August 31, 2011||September 15, 2011|
The quarterly distribution on the Capital Units of the Brookfield Soundvest Split Trust (the "Trust") has been suspended for the current quarter. In accordance with the Declaration of Trust, the Trust is not permitted to make or cause to be made any cash distributions on the Capital Units if, immediately after giving effect to the proposed distribution, the Combined Value determined as of the date such distribution is declared would be less than 1.4 times the Repayment Price determined as of the same date. In order to satisfy the coverage ratio as set out in the Declaration of Trust, the net asset value per Capital Unit is required to be approximately $4.00 or greater; however, as of August 19, 2011, the net asset value per Capital Unit was $2.4474. The Trust will continue to monitor its net asset value to determine if and when it will be able to make future distributions on its Capital Units.
This announcement does not affect the quarterly distributions payable on the Preferred Securities of the Brookfield Soundvest Split Trust. Also, as noted above, the monthly distribution on the Brookfield Soundvest Equity Fund continues to be paid at the rate declared for 2011.
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 our website at www.brookfieldsoundvest.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 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 email@example.com www.brookfieldsoundvest.com