Toronto, ON, June 30, 2010:
Brookfield Soundvest Capital Management Ltd. (the “Manager”), the manager of Brookfield Soundvest Equity Fund (the "Fund") today announced that the Fund intends to purchase up to 794,651 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 794,651 Units represent approximately 10% of the public float of the Fund. At June 29, 2010, there were 10,031,021 Units issued and outstanding. The public float of 7,946,510 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 5, 2010 and end on July 4, 2011 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 200,600 Units, representing 2% of the issued and outstanding Units as at the date of acceptance of the notice of the normal course issuer bid by the TSX.
In the past twelve months the Fund has not purchased any of its units under the normal course issuer bid or otherwise.
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 to available to all other holders whose Units are purchased.
Brookfield Soundvest Funds give investors access to tax-advantaged distributions while focusing on capital preservation and long-term total return. The manager and investment advisor and portfolio manager for the Funds 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
or contact: Investor Relations
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Manager or the Fund. The forward-looking statements are not historical facts but reflect the Manager’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, the ability of the Fund to purchase Units for cancellation by way of the normal course issuer bid, for whatever reason. Although the Manager believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Manager and the Fund undertake no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law. For a complete disclosure record for the Fund please visit the Fund’s profile on www.sedar.com.