Altruista Fund Inc.

August 22, 2006 15:28 ET

Altruista Fund Provides Update on Dissolution and Announces Distribution to Shareholders

TORONTO, ONTARIO--(CCNMatthews - Aug. 22, 2006) - Altruista Fund Inc. (the "Fund") today announced that, subsequent to the dissolution of the Fund being approved by its shareholders at a special meeting of shareholders held on June 14, 2006, it has concluded negotiations with its creditors to settle all of its liabilities and is scheduled to make a pro rata distribution of its remaining assets to the holders of its Class A shares on August 25, 2006.

Currently, the Fund has assets of approximately $1,008,014 and liabilities and expenses of approximately $235,215 to be paid in connection with its dissolution. Accordingly, the Fund plans to distribute approximately $772,799 to its Class A shareholders of record on August 25, 2006, being an amount equal to approximately $7.18 per Class A share. In order to give effect to this distribution, the Fund has suspended payments in respect of requests for redemptions of Class A shares.

Upon final satisfaction of its liabilities and dissolution expenses and the distribution of its remaining assets, the Fund will file Articles of Dissolution under the Business Corporations Act (Ontario).

As previously announced by the Fund, it has notified the Ontario Ministry of Finance that it intends to avail itself of the new transition rules for the wind-up of the Labour Sponsored Investment Fund ("LSIF") Program contained in recent amendments to the Community Small Business Investment Funds Act (Ontario) (the "Transition Rules"). Under the Transition Rules, the Fund is permitted to return stated capital to its shareholders pursuant to the dissolution, and its shareholders are permitted to redeem their shares, without clawback of the LSIF Ontario tax credit.

Contact Information

  • Altruista Fund Inc.
    Ray Pennings
    Chief Executive Officer
    (905) 467-1356