Toronto-based Scotia Managed Companies Administration Inc. will terminate the Canadian Resources Income Trust after the close of business Nov. 30, the investment manager announced Friday.
It “is no longer economically practical to continue the fund, and [Scotia Managed Companies] expects that the fund will further decrease in size after the anticipated annual retractions of units,” the company says in a news release.
The fund’s last day of trading on the Toronto Stock Exchange will be Nov. 28.
After the close of business on Nov. 30, the fund will distribute to unitholders, in cash, the pro rata share of net assets after all liabilities of the fund have been provided for. Those wishing to receive portfolio securities of the fund can submit a request by Nov. 15, though anyone wishing to do so should contact their dealer well before Nov. 15 to ensure enough time for processing. A previous requirement to surrender at least 10,000 units for retraction in order to be eligible for payment in portfolio securities does not apply, the company says.