CI Financial Income Fund announced yesterday evening that the exchange of limited partner units of Canadian International LP (CI Public Partnership) into trust units of CI will be permitted on or after Nov. 2, 2006, instead of Jan. 1, 2007 as originally contemplated.
In light of the announcement by the Canadian government proposing the taxation of income trusts, the board of directors of CI Financial General Partner Corp. has exercised its right of consent to permit exchanges of Exchangeable LP Units on or after Nov. 2, 2006. The board is of the view that providing liquidity for the Exchangeable LP Units is of paramount importance given the proposed changes to the taxation of income trusts.
CI expresses no view as to whether any investor should or should not convert into trust units. Investors should be aware that an exchange into trust units could result in a capital gain to the investor.
CI urgres holders of Exchangeable LP Units to consult their tax and investment advisors to determine the significance of this change for their individual circumstances.
CI Financial allows earlier conversion of exchangeable LP units into trust units
Liquidity is of paramount importance given the proposed changes to the taxation of income trusts, board says
- By: IE Staff
- November 2, 2006 November 2, 2006
- 09:10