Foremost Income Fund Reports 2012 Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwire) -- 03/22/13 -- Foremost Income Fund ("Foremost" or the "Fund") announces the financial results for the 12 months ended December 31, 2012.
ANNUAL FINANCIAL RESULTS:
The key elements from 2012 are:
SUMMARY OF QUARTERLY INFORMATION (unaudited)
(000's, except per trust unit amounts)
TRUST UNIT REDEMPTIONS AND DISTRIBUTIONS
The Fund redeemed 28,785 Trust Units during the year through its normal redemption program resulting in cash payments of $225,000. During 2011 the Fund redeemed 758,098 Trust Units for $4.9 million along with 1,844,075 units through a special redemption on December 21, 2011 resulting in the distribution of $20.3 million of income and redemption proceeds of $18,441. During the year 24,000 Trust Unit Options were exercised at a price of $8.75 per unit, resulting in a cash inclusion of $210,000. No options were exercised during 2011.
An annual Trust Unit cash distribution was made on December 31, 2012, at $.70 per unit. This resulted in a cash payment of $13.2 million for 2012. In 2011 the Fund paid both a cash distribution of $2.1 million and a special redemption amount of $20.2 million.
The Trustees have determined that, as of the date of March 20, 2013 the Fund will redeem tendered Trust Units at tangible book value + 10% or $8.00 per unit.
OVERVIEW
The Fund is an unincorporated open end mutual fund trust conducting its business through Foremost Universal LP ("Universal") and Foremost Industries LP ("Foremost"). The Fund derives its operational income from both Universal and Foremost. Universal's overall business is focused on the oil and gas industry and contains the business units of:
During the first quarter of 2012, the building and land relating to the De-In manufacturing operations were sold to a third party for $700,000.
At year end, and subsequent to, Foremost Universal LP completed an internal re-organization. This change was effected in order to bring clarification and consistency to the legal structure, resulting in fewer wholly owned subsidiaries and a corresponding increase in operating divisions. This restructuring transaction also resulted in simplified and streamlined processes for both external, including customers and vendors, and internal users.
On behalf of the Trustees
Foremost Income Fund
Bevan May, Trustee
FORWARD-LOOKING STATEMENT
Certain statements in this news release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this news release, such statements use words such as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements include statements the Fund's intention to proceed with a Unitholders' meeting and information regarding the Trustees' views of the future prospects and tax treatment of the Fund and tax treatment of the Special Redemption, the Fund's expectations regarding the future availability of cash to meet redemption requests and the Trustee's expectations for redemption prices in December 2011 and January 2012. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this news release. These forward-looking statements involve a number of risks and uncertainties, including: the impact of general economic conditions, industry conditions, changes in laws and regulations, increased competition, fluctuations in commodity prices and foreign exchange, and interest rates and stock market volatility.
Contacts:
Foremost Income Fund
Jackie Schenn, CA
(403) 295-5800 or Toll Free 1-800-661-9190 (Canada/US)
(403) 295-5832 (FAX)
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Unternehmensinformation / Kurzprofil:
Datum: 22.03.2013 - 20:00 Uhr
Sprache: Deutsch
News-ID 242403
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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