Business
Return On Innovation Advisors Ltd. Announces the Successful Completion of the Reorganization of ROI Canadian Mortgage Income Fund, ROI Canadian Real Estate Fund, ROI Canadian High Income Mortgage and ROI Institutional Private Placement Fund
TORONTO , July 8, 2014 /CNW/ - Return On Innovation Advisors Ltd. (" ROI Capital "), the ...
About this update from Dream Impact Trust
[{"type":"text","content":"\n\nTORONTO, July 8, 2014 /CNW/ - Return On Innovation Advisors Ltd. (\"ROI Capital\"), the manager of ROI Canadian Mortgage Income Fund (TSX:RIL.UN), ROI High Income Mortgage Fund (TSX:RIH.UN), and ROI Canadian Real Estate Fund (TSX:RIR.UN) (each, a \"Fund\" and collectively, the \"Listed Funds\"), is pleased to announce the successful completion of its previously announced reorganization (\"the Reorganization\") of the Listed Funds and ROI Institutional Private Placement Fund (\"ROI IPP\").                                                \n\nIn connection  with the Reorganization, Dream Asset Management Corporation (\"DREAM\") acquired the right to manage the Listed Funds and ROI IPP, along with the indirect transfer of approximately $725 million in assets from the Listed Funds, their relevant underlying reference funds, and ROI IPP (collectively the \"Funds\") to the new TSX listed Dream Hard Asset Alternatives Trust (TSX:DRA.UN).\n\n\"The successful completion of the reorganization marks a milestone for unitholders\" says ROI Capital President Wilfred Vos. \"The new Dream Hard Asset Alternatives Trust provides unitholders with tax efficient income from a growth oriented portfolio of hard assets including private commercial mortgages and real-estate, managed by an industry leader, DREAM.\"\n\nAs part of the Reorganization, and based on the net asset value (\"NAV\") for each of the Funds on July 3, 2014, unitholders of the Funds received today: \n\n\n\n\n(i)    \n\n\npro-rata units of DRA.UN; \n\n\n\n\n\n\n(ii)   \n\n\na special cash distribution equal to 10% of the NAV of each respective Fund totaling more than $87 million; and \n\n\n\n\n\n\n(iii)   \n\n\npro-rated monthly cash distribution for the period of July 1, 2014 to July 7, 2014.\n\n\"Our goal has always been to do what is best for unitholders and we believe the successful completion of the reorganization is evidence of that\" says Vos. \"Since listing our three funds, our unitholders have received over $570 million in cash payments through distributions, the annual redemption, as well as the market...