Utility Split Trust Announces Results of Unitholder Meeting and Announces Monthly Distribution for the Month-Ending November 30, 2011
TORONTO, November 17, 2011 - Utility Split Trust (the "Fund") (TSX: UST.UN; UST.PR.A) announces that at an adjourned special meeting of the holders of Capital Units of the Fund held today, Capital Unitholders approved (i) a five year extension of the Fund's termination date from December 31, 2011 to December 31, 2016, and (ii) a special retraction right to enable Capital Unitholders who do not wish to extend their investment in the Fund to retract their Capital Units prior to December 31, 2011 on the same terms that would have applied had the Fund redeemed all of the Capital Units as originally contemplated on the scheduled termination date of December 31, 2011.
Capital Unitholders who wish to exercise the special retraction right must give notice between November 21, 2011 and November 29, 2011 that they wish to exercise this right. Such Unitholders should inform their broker or other intermediary sufficiently in advance of November 29, 2011 of their desire to exercise this right as their broker or other intermediary may have an earlier cut-off deadline.
Capital Unitholders who exercise this special retraction right will have their Capital Units retracted as of December 15, 2011 and will receive for each Capital Unit so retracted the amount, if any, equal to a pro rata share of the net assets of the Fund remaining on December 15, 2011 after payment or accrual of all debts, expenses and liabilities, including any senior indebtedness outstanding and the aggregate Repayment Price (as defined below). Payment is expected to be made on or about December 19, 2011.
Holders of the Fund's Preferred Securities do not need to take any action. The Preferred Securities will be repaid on the same terms as originally contemplated by the trust indenture. In particular, each holder of a Preferred Security on December 31, 2011 will be paid an amount equal to the Repayment Price, being the original subscription price of $10 per Preferred Security together with any accrued and unpaid interest thereon. Payment is expected to be made on or about January 3, 2012. The Preferred Securities will be delisted from the TSX as at the close of business on Friday, December 30, 2011.
The Fund also announces a distribution for the month-ending November 30, 2011 of $0.05 per Capital Unit. The distribution is payable to holders of Capital Units of record on November 30, 2011, and will be paid on or before December 15, 2011. This distribution is the final distribution to be paid by the Fund to holders of Capital Units exercising the special retraction right described above.
For further information, please call Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.