November 20, 2006 12:03 ET

Sceptre Investment Counsel Limited: Press Release

TORONTO, ONTARIO--(CCNMatthews - Nov. 20, 2006) - Sceptre Investment Counsel Limited (TSX:SZ) announced today that a meeting of unitholders of Sceptre Income Trusts Fund will be held on January 29, 2007 to seek approval to amend the investment objectives of the Fund.

The current investment objectives of the Fund are to provide a high level of income along with moderate capital growth by investing in a diversified portfolio of Canadian Royalty and income trusts. The proposed amendments in the investment objectives will increase the scope of the universe of investments to include fixed income securities and high-yielding equities.

These proposed amendments are a result of the announcement on October 31, 2006 by the Federal Government of proposed changes affecting the taxation of income trust distributions. The amendments will broaden the Fund's investments and are considered necessary to ensure that the Fund can successfully achieve its objectives of providing a high level of income along with moderate capital growth. "We will continue to invest in high quality cashflow rich companies with good valuations", says Portfolio Manager Matthew Baillie.

Concurrently, with the change in the investment objectives of the Fund, the name of the Fund will also be changed to Sceptre High Income Fund. It is anticipated that the proposed Fund changes will take effect on or about January 30, 2007.

Contact Information

  • Sceptre Investment Counsel's Customer Service Department