OTTAWA, ONTARIO--(Marketwired - July 8, 2014) - Brookfield Soundvest Capital Management Ltd. (the "Manager"), the manager of Brookfield Soundvest Equity Fund (TSX:BSE.UN) (the "Fund"), today announced that the Fund intends to purchase up to 320,864 listed units of the Fund (the "Units") for cancellation by way of a normal course issuer bid on the open market through the facilities of the Toronto Stock Exchange (the "TSX") or the following alternative markets, if eligible: CHI-X Canada, Alpha ATS, MATCH Now (Triact Canada), Omega ATS and Pure Trading. The 320,864 Units represent approximately 10% of the public float of the Fund. At June 30, 2014, there were 3,215,031 Units issued and outstanding. The public float of 3,208,648 Units has been calculated as the issued and outstanding Units less the Units held by insiders of the Fund.
The normal course issuer bid will commence on July 10, 2014 and end on July 9, 2015 or on such earlier date as the Fund may complete its purchases or provide notice of termination. The price to be paid for the Units under the normal course issuer bid will be the market price at the time of purchase. All Units purchased by the Fund under this bid will be promptly cancelled.
Under the normal course issuer bid, the Fund may not purchase in any 30 day period more than 64,300 Units, representing 2% of the issued and outstanding Units as at June 30, 2014.
As of July 8, 2014, the Fund has purchased 13,400 Units at an average price of $4.76 per unit under a normal course issuer bid which will end on July 9, 2014.
The Fund commenced trading as Brookfield Soundvest Equity Fund on January 5, 2010 following the merger of Brascan Soundvest Diversified Income Fund and Brascan Soundvest Total Return Fund with Brascan Soundvest Focused Business Trust.
To the knowledge of the Manager, no director, senior office or other insider of the Manager intends to sell any Units under this normal course issuer bid. Sales by such persons through the facilities of the TSX or elsewhere may occur if the circumstances or decisions of any such person changes. The benefits to any such person whose Units are purchased would be the same as the benefits available to all other holders whose Units are purchased.
The Manager is of the opinion that Units of the Fund may become available during the proposed purchase period at prices that would make such purchases in the best interests of the Fund and its unitholders.
The manager and investment advisor and portfolio manager for the Fund is Brookfield Soundvest Capital Management Ltd. (the "Manager"), an established investment advisor, providing investment management services to trusts, foundations, corporations and high net worth individuals.
For further information please visit www.brookfieldsoundvest.com.
Note: This news release contains forward-looking information within the meaning of Canadian provincial securities laws. The words "may", "will", "continue", "resume" and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify the above mentioned and other forward-looking statements. Forward-looking statements in this news release include statements regarding resumption of the temporarily suspended annual redemption privilege in respect of the Trust and payment of future distributions in respect of Capital Units of the Trust. Although the Manager believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward looking statements or information in this news release. The future performance and prospects of the Trust are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of the Trust to differ materially from those contemplated or implied by the statements in this news release include general economic conditions in Canada and elsewhere, changes in legislation including tax laws and regulations and other risks and factors described in the documents filed by the Manager with the securities regulators in Canada including under "Risk Factors" and other risks and factors described in the Trust's prospectus and the Trust's most recently filed Management Report of Fund Performance, Annual Information Form and other continuous disclosure documents available at www.sedar.com or www.brookfieldsoundvest.com. Except as required by law, the Manager undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Brookfield Soundvest Equity Fund
Source: Brookfield Soundvest Equity Fund