Return On Innovation Advisors Ltd. Announces Expected Closing Date of Reorganization and the Distribution of Cash and Dream Hard Asset Alternatives Trust Units to Unitholders of ROI Canadian Mortgage Income Fund, ROI Canadian Real Estate Fund and ROI Cana - WRBL

Return On Innovation Advisors Ltd. Announces Expected Closing Date of Reorganization and the Distribution of Cash and Dream Hard Asset Alternatives Trust Units to Unitholders of ROI Canadian Mortgage Income Fund, ROI Canadian Real Estate Fund and ROI Cana

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SOURCE ROI Capital

TORONTO, July 4, 2014 /CNW/ - Return On Innovation Advisors Ltd. ("ROI Capital"), the manager of ROI Canadian Mortgage Income Fund (TSX: RIL.UN), ROI Canadian Real Estate Fund (TSX: RIR.UN) and ROI Canadian High Income Mortgage Fund (TSX: RIH.UN) (each a "Fund" and, collectively, the "Funds"), announced today that it expects to complete the previously approved reorganization of the Funds and ROI Institutional Private Placement Fund (the "Reorganization") on or about July 8, 2014 (the "Closing Date"), subject to the satisfaction or waiver of certain closing conditions.

In connection with the closing of the Reorganization, unitholders of record of each Fund at the close of trading on the Toronto Stock Exchange ("TSX") on the date immediately prior to the Closing Date will receive:

   
(i)      a pro-rated monthly cash distribution  for the period commencing on July 1, 2014 and ending on July 7, 2014 (the "Monthly Distribution");
(ii)      a special one-time cash distribution equal to 10% of the net asset value ("NAV") of each respective Fund (the "Special Distribution"); and
(iii)      units of Dream Hard Asset Alternatives Trust (the "Unit Distribution").
   

Each of the Monthly Distribution, the Special Distribution and the Unit Distribution have been determined with reference to the following NAVs of the Funds:

Fund NAV as of July 3, 2014
RIL.UN $9.7019 per unit
RIR.UN $9.2261 per unit
RIH.UN $9.3745 per unit

Monthly Distribution

Based on the NAV calculations of the Funds as of July 3, 2014, unitholders will receive the following Monthly Distribution:

Fund Monthly Distribution
RIL.UN $0.0095 per unit
RIR.UN $0.0113 per unit
RIH.UN $0.0113 per unit

Special Distribution

Pursuant to the Reorganization and based on the NAV calculations of the Funds as of July 3, 2014, unitholders will receive the following Special Distribution:

Fund Special Distribution
RIL.UN $0.9693 per unit
RIR.UN $0.9215 per unit
RIH.UN $0.9364 per unit

Unit Distribution

Pursuant to the Reorganization and based on the NAV calculations of the Funds as of July 3, 2014 and an implied issue price of $10.00 per unit of Dream Hard Asset Alternatives Trust, unitholders will receive the Unit Distribution on the following basis:

  • 0.8723 Dream Hard Asset Alternatives Trust units for each RIL.UN Unit
  • 0.8293 Dream Hard Asset Alternatives Trust units for each RIR.UN Unit
  • 0.8427 Dream Hard Asset Alternatives Trust units for each RIH.UN Unit

Unitholders should consult their brokers or other intermediaries to confirm how and when they can expect to receive the Monthly Distribution, the Special Distribution and the Unit Distribution.

Special Non-Cash Distribution

In addition and further to the press release issued by ROI Capital on behalf of each of the Funds on June 25, 2014, ROI Capital announced today that the amounts of the special non-cash distributions to be paid on July 4, 2014 have been confirmed to be:

Fund Special Non-Cash Distribution
RIL.UN $0.00 per unit
RIR.UN $1.82 per unit
RIH.UN $1.15 per unit

The units of each Fund that are issued will be consolidated immediately with all other units of such Fund outstanding, so that thereafter, in most cases, a unitholder of each Fund will hold the same number of units as were held before the issue of such units.

About ROI Capital

Established in 2002, ROI Capital is a privately held Canadian investment management firm that specializes in commercial mortgages, loans and private real estate investments. With a deep understanding of the fundamentals of the commercial real estate market, ROI Capital strives for capital preservation while seeking to deliver sustainable income and long-term returns for investors. This is achieved by primarily focusing on income-producing properties in large urban markets. ROI Capital has created a bridge between investors seeking the income potential from alternative investments and borrowers in Canada's flourishing commercial real estate sector seeking non-bank financing. In just over a decade, ROI Capital has financed over $1.7 billion (as of March 31, 2014) across approximately 200 private commercial real estate investments and has continuously delivered value and income to investors. For more information: www.roicapital.ca

Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events, including the closing of the Reorganization and the Monthly Distribution, the Special Distribution and the Unit Distribution. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. ROI Capital undertakes no obligation to update publicly or otherwise revise any forward looking statement whether as a result of new information, future events or other such factors which affect this information, except as required by law. Investment funds are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There is no guarantee that an investment in the Funds will earn any positive return in the short or long term nor is there any guarantee that the Funds' investment objectives will be achieved or that the net asset value per unit will appreciate or be preserved.

 

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