Brascan Adjustable Rate Trust I

Brascan Adjustable Rate Trust I

June 27, 2008 15:01 ET

Brascan Adjustable Rate Trust Announces Results of Meeting of Unitholders

TORONTO, ONTARIO--(Marketwire - June 27, 2008) - Brascan Adjustable Rate Trust I (the "Fund") (TSX:BAO.UN), today announced the results of its extraordinary meeting of unitholders held this morning.

The Fund provides exposure to an actively managed portfolio of primarily mortgage-backed securities and at June 19, 2008, had net assets of approximately $2.2 million or $1.52 per unit.

At the meeting, unitholders representing approximately 90% of those voting in person or by proxy, passed an extraordinary resolution to amend the Fund's Declaration of Trust to permit any unitholders who wish to redeem their investment in the Fund to do so as of July 31, 2008 and to provide for the termination of the Fund, without the further consent of unitholders, in the event that the total number of Fund units held by unitholders other than the manager falls below 1,000,000 or if the net asset value of the Fund declines to less than C$3 million. Full details of the resolution were set out in the Information Circular dated May 26, 2008, which was sent to Fund investors.

As a result, unitholders who wish to take advantage of the extraordinary July 31st redemption right may do so by submitting the required documentation prior to July 17, 2008. Further details are set out in the Information Circular.

Neither the manager of the Fund, nor the Fund's Independent Review Committee makes any recommendation whether any investor should submit their units for redemption. Investors are encouraged to consult their financial advisors.

Brascan Adjustable Rate Trust I is an investment trust providing unitholders with exposure to a portfolio primarily consisting of mortgage-backed securities. The Fund is listed on the TSX under the symbol BAO.UN.

Contact Information

  • Brascan Adjustable Rate Trust I
    Zev Korman, Director, Investor Relations
    and Communications, Public Funds
    (416) 359-1955