Exciting Details on 2024 Cash Redemption by Canoe EIT Fund

Canoe EIT Income Fund Announces 2024 Cash Redemption

Today, Canoe EIT Income Fund has made headlines with its announcement regarding the 2024 voluntary cash redemption, which is set to unfold soon. This opportunity allows unitholders to redeem their units for cash, ensuring they can take advantage of their investment strategically.

What is Voluntary Annual Cash Redemption?

The redemption date for unitholders is marked for December 6, 2024. Participants can redeem their units at a price that equals 95% of the Average Net Asset Value (NAV) calculated from three trading days leading up to the redemption date. Importantly, this process incurs direct costs that are anticipated to remain below 1%. In the event that redemption requests surpass 10% of the total outstanding units by November 15, 2024, the Fund will proceed to process them on a pro-rata basis. This ensures fair distribution among all redeeming parties.

Important Dates for Unitholders

To successfully navigate the redemption process, unitholders are advised of several key dates:

• October 8 - November 15, 2024: This period marks the window for unitholders to submit their units for redemption.
• December 3, 4, 5, 2024: The average NAV from these days will set the redemption price.
• December 6, 2024: This is the official redemption date.
• December 31, 2024: Proceeds will be paid out to those who had their units accepted for redemption by this date.

Steps to Redeem Your Units

For unitholders looking to redeem their units, it’s essential to inform their investment advisor or brokerage office no later than November 15, 2024. A timely notification will enhance the chances of a smooth processing experience. Some investment firms may impose earlier deadlines, so direct communication with your advisor is crucial.

If you're a registered unitholder, and you're holding physical share certificates, you should reach out to Alliance Trust Company, the Fund’s transfer agent, at 1-877-537-6111 for guidance on the redemption process. Notably, unitholders who tender their units for redemption will still qualify for distributions scheduled for October 2024 and November 2024, which will be made in the following months.

Additional Considerations for Non-Residents

It's important for non-resident unitholders to note that any redemption requests might incur withholding tax. Understanding this ahead of time can help ensure smoother financial planning and preparation.

About the Canoe EIT Income Fund

The Canoe EIT Income Fund is recognized as one of Canada’s most prominent closed-end investment funds. Its primary aim is to deliver robust monthly distributions and promote capital appreciation through a well-diversified portfolio of high-quality securities. Under the ticker symbol EIT.UN on the TSX, the fund is now managed by Robert Taylor, Senior Vice President and Chief Investment Officer at Canoe Financial.

About Canoe Financial

Canoe Financial, established in 2008, has rapidly become one of Canada’s leading independent mutual fund companies. Currently managing assets worth approximately $18 billion, it offers a diversified range of investment solutions that have won multiple awards. Canoe Financial is committed to empowering Canadians to build wealth, boasting a strong presence and dedicated teams across cities like Calgary, Toronto, and Montreal.

Contact Information

For any inquiries, unitholders can reach out to Investor Relations by calling 1–877–434–2796 or emailing info@canoefinancial.com.

Frequently Asked Questions

What is the purpose of the 2024 cash redemption?

The cash redemption allows unitholders to cash out on their investments at a predetermined price, enhancing liquidity.

What are the key dates investors should remember?

Key dates include November 15, 2024, for redemption requests, and December 6, 2024, as the official redemption date.

Are there any costs associated with the redemption?

Yes, direct costs for the redemption process are expected to be below 1%.

How are redemption requests processed if they exceed 10%?

Redemption requests exceeding 10% will be processed on a pro-rata basis to ensure fairness among investors.

Who should unitholders contact for questions about their units?

Unitholders can contact Alliance Trust Company for registered units or their investment advisor for general inquiries.

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