Triax Resource Limited Partnership announces extension of sub-advisory relationship and fee reduction
TORONTO, Aug. 12 /CNW/ - TRF General Partner Inc., the General Partner of Triax Resource Limited Partnership, and Triax Investment Management Inc. ("TIMI"), the Investment Advisor to the Partnership, announce that the advisory relationship with Altamira has been renewed for a period of one year, until July 31, 2003. In connection with the renewal, the investment advisory fee paid by the Partnership is being reduced from 1.15% to 0.85%, with Altamira receiving 0.50% (a reduction from 0.65%) for its services and TIMI receiving the balance of 0.35% (a reduction from 0.50%) for the services it provides.
In addition, TIMI will be refunding $225,000 to the Partnership from the fees it has earned. This amount represents approximately 30% of the fees TIMI has earned, mirroring the 30% reduction in its fee going forward. The refund will take the form of a cash payment to the Partnership of $125,000, with the remaining $100,000 to be funded through a temporary waiver of TIMI's fees.
Triax Resource Limited Partnership trades on The Toronto Stock Exchange under the symbol TRF.UN.
For further information: please call the General Partner at (416) 362-2929 or (800) 407-0287