Arriscraft International Income Fund

Arriscraft International Income Fund

August 13, 2008 10:53 ET

Arriscraft International Income Fund to Pay Final Redemption Instalment

TORONTO, ONTARIO--(Marketwire - Aug. 13, 2008) - Arriscraft International Income Fund (the "Fund") today announced that it will pay the second and final instalment of the redemption price for its units in the amount of $0.294 per previously redeemed unit. The final redemption instalment will be paid by the Fund on or about August 14, 2008 to former unitholders of the Fund who received a combined special distribution and first redemption instalment of $7.65 (the "Initial Payment") on or about July 24, 2007, when the units of the Fund were redeemed.

In connection with the sale of its assets last year, the Fund committed to pay the proceeds of the sale, net of transaction costs and wind-up costs, to its unitholders. At the time, the Fund estimated that unitholders would receive aggregate net proceeds in the amount of $7.85 per redeemed unit. Since this amount was an estimate only, the Initial Payment was made after the Fund withheld from the anticipated net proceeds of the sale a reserve of $0.20 per redeemed unit in order to satisfy any additional valid costs, obligations and liabilities arising prior to all regulatory filings and tax clearance certificates being completed or obtained.

All necessary regulatory filings and tax clearance certificates now having been completed and obtained and transaction, wind-up and additional costs incurred representing in the aggregate less than estimated and reserved amounts, the Fund will pay to former unitholders a final redemption instalment of $0.294 per previously redeemed unit. Accordingly, taking into account the Initial Payment and including interest earned on amounts retained by the Fund, the aggregate net proceeds to unitholders from the sale of the Fund's assets will be $7.944 per redeemed unit.

Contact Information

  • Arriscraft International Income Fund
    Randy Henderson, President, 2141399 Ontario Limited,
    Corporate Trustee of the Fund
    (519) 653-3275