| Tax-Efficient Income |
| Units are intended to
provide Unitholders with tax efficient participation in returns on the
Portfolio. Based on the assumptions and considerations, the Manager estimates
that approximately 45% to 50% of the distributions that would have been paid by
the Trust had it existed in 2003 would have been characterized as a return of
capital for tax purposes. |
| |
| Distribution Reinvestment Plan |
| The Trust intends to
provide Unitholders with the opportunity to elect to reinvest monthly cash
distributions made by the Trust in additional Units and to purchase additional
Units for cash through participation in the distribution reinvestment plan of
the Trust. |
| |
| Monthly
Distributions |
| The Trust intends to
provide Unitholders with monthly cash distributions. Such distributions will be
payable to Unitholders of record on the last day of each month and will be paid
on or before the last business day of the following month. |
| |
| Liquidity |
| TSX Listing. The
trust's units can be bought and sold on the TSX under the symbol
VE.UN. |
| |
| Mandatory Market
Purchase Program. To enhance liquidity and provide market support for the
units, the Trust will be obligated to purchase for cancellation any units
offered in the market at the then prevailing market price if the price at which
units are then offered for sale is less than 95% of the Net Asset Value per
Unit, subject to some limitations. See the Trust's prospectus for
details. |
| |
| Redemptions.
Commencing in 2006, a Unitholder may surrender Units for redemption during the
period commencing on the 15th business day prior to the end of May and ending
on the last business day of such month, in which case such Units will (subject
to the Trusts right to suspend redemptions) be redeemed on June 30 of such year
and the Unitholder will receive payment on or before the 15 th business day
following such June 30. Unitholders whose Units are so redeemed will be
entitled to receive a redemption price per Unit calculated with reference to
the NAV of the Trust determined as of the applicable June 30 date less any
costs of funding the redemption, including commissions. Any unpaid distribution
declared on or before June 30 in respect of Units redeemed on such date will be
paid to the Unitholder redeeming such Units on the date on which such
distribution is payable to Unitholders.. |
| |
