{"id":11583,"date":"2010-07-22T21:58:34","date_gmt":"2010-07-23T01:58:34","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=11583"},"modified":"2010-07-22T21:58:34","modified_gmt":"2010-07-23T01:58:34","slug":"fig-pr-a-capital-unit-distributions-suspended","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=11583","title":{"rendered":"FIG.PR.A: Capital Unit Distributions Suspended"},"content":{"rendered":"<p>Faircourt Asset Management Inc. <a href=\"http:\/\/www.newswire.ca\/en\/releases\/archive\/July2010\/22\/c5945.html\">has announced<\/a>:<\/p>\n<blockquote><p> that in accordance with the terms of the Trust Indenture governing the Preferred Securities and the maintenance of a minimum 1.4 times asset coverage to be maintained by the Trust, dated November 17, 2004, the monthly distribution on the Trust Unit (TSX: FIG.UN) will be suspended until further notice. The Trust&#8217;s ability to continue variable distributions, as announced on April 19, 2010, is dependent on market conditions, the results of the annual redemption, and the Trust&#8217;s asset coverage levels and would be evaluated by the Manager on a monthly basis.<\/p>\n<p>This announcement does not affect the quarterly distributions related to the Preferred Securities of either Trust (TSX: FIG.PR.A).<\/p>\n<p>Faircourt Income &#038; Growth Split Trust is designed to provide levered exposure to a portfolio comprised of Income Trusts, North American Dividend Paying Equities, as well as other income generating securities.<\/p>\n<p>Acuity Investment Management Inc. is the Investment Advisor for Faircourt Income &#038; Growth Split Trust.<\/p><\/blockquote>\n<p>Acuity is best known for <a href=\"http:\/\/www.acuityfunds.com\/documents\/09Q4_ACUITY_MF_FIN_E_FINAL.pdf\">holding income trusts in &#8220;Acuity Fixed Income Fund&#8221;<\/a>, but the <a href=\"http:\/\/www.faircourtassetmgt.com\/Assets\/pdf\/FIG_2009_Annual_Report_FINAL.pdf\">performance of FIG.UN<\/a> (-15.24% p.a. annualized since inception, vs. a benchmark of +6.96%) is also worthy of note.<\/p>\n<p>FIG.PR.A was last mentioned on PrefBlog when it was announced that <a href=\"http:\/\/www.prefblog.com\/?p=11352\">warrant exercise in June was minimal<\/a>. FIG.PR.A is tracked by HIMIPref&trade;, but is relegated to the Scraps index on credit concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Faircourt Asset Management Inc. has announced: that in accordance with the terms of the Trust Indenture governing the Preferred Securities and the maintenance of a minimum 1.4 times asset coverage to be maintained by the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-11583","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/11583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11583"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/11583\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}