Faircourt Asset Management has announced:
that monthly distributions on the Trust Units (TSX: FIG.UN) will be reinstated. The initial annualized monthly distribution rate will be 4.1%, based on the April 16th closing price of the Trust Units, or $0.015 per month per Trust Unit ($0.18 per annum per Trust Unit). The Trust’s ability to continue variable distributions will depend on market conditions, the results of the annual redemption, and the Trust’s asset coverage levels and will be evaluated by the Manager on a monthly basis
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Distributions were suspended in October 2008 in accordance with the terms of Trust Indenture governing the Preferred Securities dated November 17, 2004, which require the maintenance of a minimum 1.4 times asset coverage by the Trust. This announcement does not affect the quarterly distributions related to the Preferred Securities of the Trust (TSX: FIG.PR.A).Faircourt Income & Growth Split Trust is designed to provide levered exposure to a portfolio comprised of Income Trusts, North American Dividend Paying Equities, Convertible Debentures, as well as other income generating securities.
Acuity Investment Management Inc. is the Investment Advisor for Faircourt Income & Growth Split Trust.
Faircourt’s attitude towards Investor Relations is quite amusing. There’s nothing about this on their website; the FIG.UN press release page stops after “2007 Press Releases” and that section includes a release from 2008. The fund manager, Acuity, has some degree of notoriety for its inclusion of Income Trusts in its Acuity Fixed Income Fund.
FIG.PR.A was last mentioned on PrefBlog when it was upgraded to Pfd-4(high) by DBRS. FIG.PR.A is tracked by HIMIPref™, but is relegated to the Scraps index on credit concerns.
[…] was last mentioned on PrefBlog when the Capital Units’ dividend was reinstated. FIG.PR.A is tracked by HIMIPref™ but is relegated to the Scraps index on credit […]