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Proposal to reposition Global Plus Income Trust

  //business-finance.news-articles.net/content/200 .. osal-to-reposition-global-plus-income-trust.html
  Published in Business and Finance on Friday, September 25th 2009 at 7:29 GMT, Last Modified on 2009-11-03 07:27:00 by Market Wire
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 - change the investment strategy and investment restrictions of the Trust. The Trust will invest in a portfolio principally consisting of common shares selected from the energy, financials and materials sectors of the S&P/TSX 60 Index. In addition, the Trust may invest up to 20% of its net assets in equity securities of issuers selected from the S&P/TSX Composite Index; - amend the investment objectives of the Trust. The Trust's new investment objectives will be (a) to maximize total returns for Unitholders including both long-term appreciation in net asset value ("NAV") per Unit and distributions; and (b) to pay Unitholders monthly distributions in an amount targeted to be 6.5% per annum on the NAV of the Trust. The Trust believes this is a sustainable level for distributions which should promote stability and growth in NAV consistent with the investment attributes of the new portfolio; - reduce the fees of Mulvihill Capital Management Inc., as investment manager of the Trust, from a total of 1.15% to 1.00% of NAV from and after the effective date of the special resolution and change the name of the Trust to Premier Canadian Income Fund to reflect better the Trust's new investment strategy; - amend the redemption provisions of the Units. A one-time redemption right will be added to permit Unitholders to redeem their Units at 100% of NAV on November 16, 2009. Unitholders will also have an annual redemption right in November of each year (commencing in November 2010) at NAV per Unit and a monthly redemption right at a redemption price determined by reference to market price for Units redeemed on the last day of any other month; - amend certain voting rights attaching to the Units. For example, Unitholders will be given the right to approve certain reorganizations and transfers of assets of the Trust; - extend the termination date of the Trust to December 31, 2014 from December 31, 2009; - remove the ability of the Trust to issue additional Units to certain related parties at such subscription prices as the manager of the Trust may determine in its sole discretion. The Trust will be permitted to issue additional Units, but only on a non-dilutive basis; and - provide for the payment of an annual service fee of 0.40% of NAV if the Trust completes a public offering of additional Units after the November 16, 2009 redemption date.