Toronto, January 4, 2010: Brookfield Soundvest Capital Management Ltd. today announced the completion of the previously announced merger of Brascan SoundVest Diversified Income Fund (TSX: BSI.UN) and Brascan SoundVest Total Return Fund (TSX: BST.UN) into Brascan SoundVest Focused Business Trust (TSX: BSF.UN), which will be the continuing fund, effective January 1, 2010. This merger was approved at a special meeting of unitholders of the three funds held on December 15, 2009.
In conjunction with the merger, the continuing fund was renamed Brookfield Soundvest Equity Fund and its ticker symbol is BSE.UN effective the start of trading January 4, 2010. Also, Brookfield Soundvest Capital Management Ltd. replaced Brookfield Investment Funds Management Inc. as the manager of BSE.
The merger was implemented at an exchange ratio calculated as the net asset value (“NAV”) per unit of BSI.UN and BST.UN divided by the NAV per unit of BSF.UN, each determined as at the close of business on December 31, 2009. The table below provides the NAV per unit for each of the funds and the resultant exchange ratio at such time.
| BSI NAV per Unit
|| $ 7.754836
| BST NAV per Unit
|| $ 5.884600
| BSF NAV per Unit
|| $ 4.683971
| Exchange Ratio for BSI
|| 1.655611 to 1.000000
| Exchange Ratio for BST
|| 1.256327 to 1.000000
Unitholders of BSI.UN and BST.UN are not required to take any action in order to be recognized as unitholders of BSE.UN. Units of BSE.UN issued pursuant to the merger are expected to begin trading on January 4, 2010.
Brookfield Soundvest Funds are dedicated to providing high-quality investment funds to retail investors. The investment advisor and portfolio manager for the Funds is Brookfield Soundvest Capital Management Ltd., which is 50% owned by Brookfield Asset Management Inc. Brookfield Soundvest is an established investment advisor, providing investment management services to insurance companies, trusts, foundations and high net worth individuals.
For further information please visit our website at www.brookfieldfunds.com or contact:
Tel: (888) 777-4019
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About Forward-looking Information
Note: This news release contains forward-looking information within the meaning of Canadian provincial securities laws. The words “proposed”, “will”, “believes”, 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 the proposed combination of the Funds and other statements with respect the Manager’s beliefs, outlooks, plans, expectations and intentions. 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 Funds, on a stand alone or on a combined basis, are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of the Funds to differ materially from those contemplated or implied by the statements in this news release include whether unitholders of the respective Funds vote to approve the proposed combination, 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 the heading “Risk Factors” in the applicable Fund’s prospectus and most recently filed Management Report of Fund Performance and Annual Information Form and other risks and factors described in the continuous disclosure documents of the Funds available at www.sedar.com or www.brookfieldfunds.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.