TORONTO, Jan. 28, 2013 /CNW/ - Today, BMO Nesbitt Burns Inc., the administrator of the T. Boone Pickens Energy Fund (the "Fund"), announced that it has decided to wind-up the Fund by March 15, 2013 or as soon as practicable after such date.
The administrator has decided that given the current size of the Fund, and the related expenses, it is in the best economic interests of the unitholders for the Fund to be wound up.
Pursuant to the declaration of trust governing the Fund, the administrator may, in its discretion, terminate the Fund without the approval of unitholders if, in its opinion, it is no longer economically feasible to continue the Fund and/or it would be in the best interests of unitholders to terminate the Fund.
Prior to the date that the Fund will be wound up, the administrator will convert the portfolio to cash to the extent practicable. Upon the wind-up date, all property remaining after paying or providing for all liabilities and obligations of the Fund will be distributed rateably among the unitholders based on the net asset value (NAV) per unit of the class held by the unitholders.
SOURCE T. Boone Pickens Energy Fund