TORONTO, October 17, 2011 - Utility Split Trust (the "Fund") (TSX: UST.UN; UST.PR.A) announces that a special meeting of the holders of Capital Units of the Fund will be held on Monday, November 7, 2011 and, if required, an adjourned meeting will be held on Thursday, November 17, 2011.
At the meeting, Capital Unitholders will be asked to consider and approve amendments to the declaration of trust to provide (i) a five year extension of the Fund's termination date to December 31, 2016, and (ii) a special retraction to enable Capital Unitholders that 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. The Preferred Securities of the Fund will be retracted on or about December 31, 2011 on the same terms as originally contemplated by the trust indenture.
The proposed reorganization will involve: (i) extending the original scheduled termination date for the Fund; (ii) a special retraction right to enable holders of Capital Units to retract their units should they not wish to extend their investment, and (iii) the offering of new preferred securities in order to maintain the leveraged split security structure of the Fund, all as further described in the management information circular to be mailed to Capital Unitholders on or about October 17, 2011.
Utility Split Trust was established to provide investors with exposure to a diversified investment in securities of utility issuers, utilizing the split security structure, on a low cost basis, while providing monthly tax efficient distributions to Capital Unitholders. Utility issuers include, among others, corporations or income trusts that generate, transmit and/or distribute electricity, water and/or natural gas, including, corporations or income trusts that supply the raw materials required for the generation of electricity.
For further information, please call Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstassetfunds.com.