Issuer |
MACCs Sustainable
Yield Trust (the “Trust”) |
Listing |
Listed on the Toronto
Stock Exchange under the symbol MYT.UN |
Amount |
$35 million (3.5
million Units) |
Offering Price |
$10.00 per Unit |
Distributions |
The Trust intends
to make monthly cash distributions to Unitholders
of record on the last business day of each
month and pay such cash distributions on or
before the fifteenth day following the month
end. The Units would have had a yield as at
December
13, 2004 of approximately 7.31% based on the
Indicative Portfolio. The level of distributions
is expected to fluctuate from month to month. |
Investment Strategy |
The net proceeds
of the Offering, together with borrowings under
the Loan Facility will be used to acquire an
approximately equally weighted Portfolio. The
Portfolio will be selected by the Investment
Manager based on criteria, which the Investment
Manager believes are reflective of the requirements
for achieving an SR-1 Stability Rating from
S&P.
The Income Funds comprising the Portfolio
of the Fund will also be selected by the Investment
Manager based on the following additional criteria:
- each Income Fund must be publicly rated
by an Approved Credit Rating Organization;
- each Income Fund must have a minimum Float
Capitalization of $400 million;
- each Income Fund must have a stability
rating of SR-5 or higher (or an equivalent
rating from another Approved Credit Rating
Organization).
|
Redemptions |
Commencing in July
2006, Units may be redeemed annually at 100%
of NAV. |
Market Purchases |
If the closing
price of the Units is less than 95% of the
NAV per unit, the Trust will offer to purchase
Units for cancellation up to a maximum of 1.25%
of the number of units outstanding in a three
month period. |
Manager |
Crown Hill Capital Corporation will act as manager of the Trust. |
Investment Advisor |
Fiera YMG Capital
Management Inc. will provide investment advisory
and portfolio management services to the Trust. |
Loan Facility |
The loan facility
will not exceed 20% of the Total Assets determined
at the time of borrowing and will be used to
purchase additional securities for the Portfolio.
In addition, the Trust may borrow up to 5%
of the Total Assets determined at the time
of borrowing for working capital purposes. |
Eligibility |
The Units are considered Canadian property and will be eligible for RRSPs, DPSPs and RRIFs and RESPs. |
Fees |
Management fees
of only 0.45% of NAV per annum, calculated
and payable monthly.
Service fees of 0.30% per annum, payable quarterly. |
