Citadel SMaRT Fund

Citadel SMaRT Fund

December 19, 2006 12:20 ET

Citadel SMaRT Fund Announces Regular Cash Distribution and Special Non-Cash Distribution With Consolidation

CALGARY, ALBERTA--(CCNMatthews - Dec. 19, 2006) - Citadel SMaRT Fund (TSX:CRT.UN) reports the cash distribution to unitholders of record at the close of business on December 31, 2006 and payable on January 15, 2006 is $0.28 Cdn per unit.

Throughout the month of November 2006, SMaRT repurchased 100 units under its mandatory repurchase program when the Fund traded at a discount greater than 5%.

As at December 14, 2006, Citadel SMaRT's net asset value was $31.67 Cdn per unit. The current portfolio consists of 56% oil and gas royalty trusts, and 40% fixed portfolio, and 4% cash and cash equivalents.

In addition, Citadel SMaRT Fund announces a special non-cash distribution of approximately $0.60 per unit on December 31, 2006 to holders of trust units of the Trust on December 31, 2006. These trust units will be distributed on a pro rata basis to unitholders of record on December 31, 2006 and is included in unitholders' income for the 2006 calendar year. Immediately after this pro rata distribution of trust units, the number of outstanding trust units will be consolidated, such that each unitholder holds, following the consolidation, the same number of trust units as before the non-cash distribution. The special distribution is required in order to ensure that the Fund, as per its Declaration of Trust, is not liable to pay income taxes in respect of its current taxation year ended December 31, 2006.

Contact Information

  • Citadel SMaRT Fund
    Joe MacDonald
    Executive Vice President, Sales and Marketing