Brookfield Soundvest Split Trust (BSD.UN) Announces Intention To Make Normal Course Issuer Bid
Ottawa, ON, October 12, 2010: Brookfield Soundvest Capital Management Ltd. (the “Manager”), the manager of Brookfield Soundvest Split Trust (the "Trust") today announced that the Trust intends to purchase up to 520,675 Capital Units and 520,675 of its Preferred Securities (collectively, the “Shares”) 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 520,675 Capital Units represent approximately 10% of the public float of the Capital Units. The 520,675 Preferred Securities represent approximately 9.19% of the public float of the Preferred Securities. At October 1, 2010, there were 5,662,643 Capital Units and Preferred Securities issued and outstanding. The public float 5,206,759 Capital Units has been calculated as the issued and outstanding Capital Units less the Capital Units held by insiders of the Trust. No Preferred Securities are held by insiders of the Trust.
In accordance with the Trust’s declaration of trust and trust indenture, any Capital Units purchased for cancellation will be accompanied by the Trust repurchasing an equal number of Preferred Securities and vice versa. The normal course issuer bid will commence on October 14, 2010 and end on October 13, 2011 or on such earlier date as the Trust may complete its purchases or provide notice of termination. The price to be paid for the Shares under the normal course issuer bid will be the market price at the time of purchase. All Capital Units and Preferred Securities purchased by the Trust under this bid will be promptly cancelled.
Under the normal course issuer bid, the Trust may not purchase in any 30 day period more than 113,252 Units, representing 2% of the issued and outstanding Capital 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 Trust has not purchased any of its Capital Units or Preferred Securities under the normal course issuer bid or otherwise.
The Trust commenced trading as Brookfield Soundvest Split Trust on April 30, 2010 after a name and a mandate change. Prior to that date, the Trust was known as Brascan Soundvest Rising Distribution Split Trust.
To the knowledge of the Manager, no director, senior office or other insider of the Manager intends to sell any Shares 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 Shares are purchased would be the same as the benefits to available to all other holders whose Shares are purchased.
The Manager is of the opinion that Capital Units and Preferred Securities of the Trust may become available during the proposed purchase period at prices that would make such purchases in the best interests of the Trust and its securityholders.
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 Trusts 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