VANCOUVER, BC, April 29,
2024 /CNW/ - REALnorth Opportunities Fund (the
"Fund") announced today that unitholders of record as of the
close of business on April 30, 2024
will be entitled to receive an interim distribution (the
"Interim Distribution") of $176.00 per unit of the Fund.
The Interim Distribution will be paid to Unitholders on or about
May 3, 2024.
The Fund remains in the process of winding down its operations
following the completion of the sale of its remaining properties on
March 28, 2024 (the "Sale
Transactions"). The Fund is also continuing its efforts to sell
the $2.0 million secured,
interest-bearing vendor take back promissory note (the "Garrison
VTB Note") received as partial consideration for the sale of
the Garrison Landing bare-land residential property for cash
proceeds. As part of its wind-up, the Fund will use the proceeds of
the Sale Transactions and the sale of the Garrison VTB Note, once
completed, to satisfy all liabilities, taxes and transaction
related other expenses of the Fund and its direct and indirect
subsidiaries (collectively, the "Obligations"). The Fund
will also return to unitholders any remaining net proceeds received
from the Sale Transactions (of which the Interim Distribution forms
a part) and the sale of the Garrison VTB Note, once completed.
As previously disclosed, in accordance with the special
resolution approved by the unitholders of the Fund at the special
meeting of unitholders held on March 21,
2024, and the Declaration of Trust of the Fund dated
August 27, 2014, the Fund will be
formally terminated and a final distribution will be paid to
unitholders on a date determined by the trustees of the Fund. It is
currently expected that the termination of the Fund will occur, and
the final distribution will be paid to unitholders, during the
second quarter of 2024.
Application to Cease to be a
Reporting Issuer
Following the completion of the Sale Transactions, the Fund
applied to cease to be a reporting issuer in all provinces of
Canada in which the Fund is
currently a reporting issuer so as to be relieved of further
continuous disclosure obligations under applicable Canadian
securities laws. The Fund's application is currently under review
by the British Columbia Securities Commission and the Ontario
Securities Commission.
Forward-Looking Information
Certain statements in this news release may constitute
"forward-looking information" within the meaning of applicable
Canadian securities laws, which information involves known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements or industry results, to
be materially different from any future results, performance or
achievements or industry results expressed or implied by such
forward-looking information. Forward-looking information is
identified by the use of terms and phrases such as "anticipate",
"believe", "could", "estimate", "expect", "intend", "may", "plan",
"predict", "project", "will", "would", and similar terms and
phrases, including references to assumptions. Such information
includes, without limitation, statements with respect to: the
timing of the payment of the Interim Distribution; the wind-down of
the Fund's operations and the estimated timing of the termination
of the Fund and the payment of a final distribution to unitholders;
the repayment of all of the Fund's Obligations; and the Fund's
intention to sell the Garrison VTB Note for cash proceeds.
Although the forward-looking information contained in this news
release is based upon what the Fund's trustees and management
believe to be reasonable assumptions, the Fund cannot assure
unitholders that actual results will be consistent with such
information. Certain key expectations and assumptions made by the
Fund and reflected in the forward-looking information in this news
release include without limitation: the sale of the Garrison VTB
Note will be completed on terms not materially less advantageous to
the Fund than previously contemplated and will be completed on a
timely basis; there will be no intervening events or unforeseen
Obligations that will materially reduce the amount funds available
for distribution to unitholders of the Fund, or that delay the
distribution of such funds; and applicable regulatory authorities
will approve the Fund's application to cease to be a reporting
issuer.
Forward-looking information reflects current expectations of
management regarding future events and operating performance as of
the date of this news release. Such information involves
significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not such results
will be achieved. A number of factors could cause actual results to
differ materially from the results discussed in the forward-looking
information, including, without limitation: the risk that the Fund
will not be able to sell the Garrison VTB Note on the terms
expected or in accordance with the timing currently contemplated,
or at all; the risk that the Fund's Obligations will be greater
than anticipated; the risk that distributions to unitholders will
be delayed; the risk that distributions to unitholders will be less
than anticipated; and the risk that the applicable regulatory
authorities will not approve the Fund's application to cease to be
a reporting issuer. Should any of the foregoing risks materialize,
or should assumptions underlying the forward-looking information
prove incorrect, actual results, performance, activities or
achievements could vary materially from those expressed or implied
by any forward-looking information contained in this news release.
Readers are cautioned that the foregoing list of risks is not
exhaustive. Additional information on these and other risk factors
that could affect the operations or financial results of the Fund
can be found under "Risks and Uncertainties" in the Fund's
Management's Discussion & Analysis dated November 27, 2023 for the period ended
September 30, 2023 and under "Risk
Factors" in the Fund's information circular dated February 22, 2024, a copy of each of which is
currently available on SEDAR+ (www.sedarplus.ca).
The forward-looking information contained herein is expressly
qualified in its entirety by this cautionary statement.
Forward-looking information reflects management's current beliefs
and is based on information currently available to the Fund. The
forward-looking information is made as of the date of this news
release and the Fund assumes no obligation to update or revise such
information to reflect new events or circumstances, except as may
be required by applicable law.
Additional Information
Additional information relating to the Fund and other public
filings, are available on SEDAR+ at www.sedarplus.ca .
SOURCE REALnorth Opportunities Fund