U.S. Housing Recovery Fund



U.S. Housing Recovery Fund

December 20, 2013 18:23 ET

U.S. Housing Recovery Fund Announces Withdrawal of Treasury Offering

TORONTO, ONTARIO--(Marketwired - Dec. 20, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

U.S. Housing Recovery Fund (the "Fund") has announced that its treasury offering (the "Offering") of Class A Units and Class F Units (collectively, "Units") has been withdrawn due to market conditions. As a result of an increase in the Fund's net asset value relative to the trading price of the Class A Units on the Toronto Stock Exchange over the past few days, BMO Nesbitt Burns Inc., the administrator of the Fund (the "Administrator"), has determined it is not possible to price the Units on a non-dilutive basis in the context of the market. Consequently, the Administrator has decided to withdraw the Offering in order to avoid an unfavourable transaction for investors.

The Fund's previously declared special distribution of $0.875968 per Class A Unit and $1.106543 per Class F Unit (together, the "Special Distribution") and regular distribution of $0.05 per Unit (the "Regular Monthly Distribution") will be paid as scheduled on January 14, 2014 to holders of Units of record on December 19, 2013, in the case of the Special Distribution, and December 31, 2013, in the case of the Regular Monthly Distribution.

Contact Information

  • BMO Capital Markets
    1.866.864.7760