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TORONTO, Sept. 26, 2018 (GLOBE NEWSWIRE) -- Ninepoint Partners LP (“Ninepoint”), on behalf of Ninepoint Energy Opportunities Trust (the “Fund”) (TSX: NRGY.UN), announced today, that, in order to preserve material tax loss carryforwards of Ninepoint Energy Fund (the “Continuing Fund”), it has determined that the proposed merger of the Fund into the Continuing Fund should not be structured as a “qualifying exchange” as defined in section 132.2 of the Income Tax Act (Canada) (the “Tax Act”) and will therefore not be effected on a tax-deferred “rollover” basis to the Fund and unitholders of the Fund. As described in the Fund’s press release dated August 17, 2018, and in the notice sent to unitholders of the Fund with additional details regarding the merger, Ninepoint had previously intended that the merger would be a “qualifying exchange” as defined in section 132.2 of the Tax Act.
As a result of the decision not to effect the proposed merger on a tax-deferred basis, the proposed merger must be approved by the unitholders of the Fund at a special meeting that will be held on or about November 15, 2018 and will also be subject to securities regulatory approval. Full details of the proposed merger will be set out in a notice of meeting and management information circular that will be sent to unitholders of the Fund on or about October 19, 2018. The notice of meeting and management information circular will also be available on SEDAR at www.sedar.com.
Unitholders of the Fund who do not wish to participate in the merger will have the opportunity to redeem their Fund units (“Units”) prior to the effective date of the merger. Prior to the merger, Units may be surrendered for redemption during the period from the first business day in October, 2018 until 4:00 p.m. (Toronto time) on October 26, 2018 (the “Special Redemption Notice Period”). Units properly surrendered for redemption during the Special Redemption Notice Period will be redeemed on October 30, 2018 (the “Pre-Merger Redemption Date”) and the unitholder will receive payment on or before November 9, 2018. Redeeming unitholders will receive a redemption price per Unit equal to the net asset value per Unit, on the Pre-Merger Redemption Date, less any costs and expenses incurred by the Fund in order to fund such redemption, including brokerage costs, if any.
If the proposed merger is approved by unitholders of the Fund and receives securities regulatory approval, Ninepoint will apply to de-list the Units from the Toronto Stock Exchange prior to the revised merger date of on or about November 22, 2018.
About Ninepoint Partners LP
Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $3 billion in assets under management. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies including North American Equity, Global Equity, Real Assets & Alternative Income.
Ninepoint is an operating company that has been created to assume portfolio management of the Canadian diversified assets of Sprott Asset Management LP, including actively managed hedge and mutual funds.
For more information on Ninepoint Partners LP, please visit www.ninepoint.com or inquiries regarding the Fund or the Continuing Fund, please contact us at (416) 943-6707 or (866) 299-9906 or firstname.lastname@example.org.