Fiera Capital Corporation, the manager of Canadian Preferred Share Trust (TSX: PFT.UN), announced Feb. 28 that it will terminate the fund on or about March 31, 2020.
Fiera Capital stated that “as set out in the Fund's declaration of trust, the Fund does not have a fixed termination date but the Manager may terminate the Fund without the approval of unitholders if the Manager believes it is no longer economically practical to continue the Fund or that it would be in the best interests of the Fund to do so. Given the current size of the Fund and its related expenses, the Manager has determined that it is in the best interest of the Fund and the unitholders to terminate the Fund.”
Fiera Capital says that following the satisfaction of, or provision for, all liabilities of the fund, the net assets will be distributed to the unitholders on a pro rata basis and the fund will be terminated. It expects fund units will be delisted from the TSX on or about March 24, 2020.