CALGARY, Jan. 23 /CNW/ - Canadian Oil Sands Trust (the "Trust") is pleased to announce that it has received all regulatory approvals in Canada for its "Premium Distribution, Distribution Re-Investment and Optional Unit Purchase Plan" (the "Plan"). Eligible unitholders may now elect to participate in the Plan for the upcoming quarterly distribution that is payable on February 28, 2002 so long as they have (or, in the case of beneficial holders, their broker has) faxed or otherwise delivered their duly completed election form to Computershare Trust Company of Canada at the number or address noted on the enrolment forms on or before January 30, 2002.
The Plan allows eligible unitholders to direct their distributions to the purchase of additional units at 95 per cent of the average market price as defined in the Plan. This unique plan also provides an alternative where eligible unitholders may elect under the premium distribution component to have their distributions invested in new units and exchanged through the Plan Broker for a premium distribution equal to 102 per cent of the amount that the unitholder would otherwise have received on the distribution date (subject to proration and withholding tax reductions in certain circumstances). Canaccord Capital Corporation will act as Plan Broker under the Premium Distribution component of the Plan. Finally, the Plan allows those unitholders who participate in either the regular distribution re-investment or premium distribution component of the Plan to purchase additional units from treasury at the average market price in minimum amounts of $1,000 per remittance and maximum amounts of $100,000, in a given quarter, all subject to an overall annual limit of two per cent of the outstanding trust units being offered for purchase in this manner. There are no brokerage fees or commissions payable by participants for the purchase of units under this Plan.
The Trust is still awaiting approval of the Plan from the Securities Exchange Commission in the United States and no assurances can be given that such approval may be given. As a result, unitholders who are residents of the United States may not participate in the Plan at this time.
The full text of the Plan, questions and answers and the enrolment forms are now available on the Trust's website at www.canadianoilsandstrust.com under the heading "DRIP". These documents will be mailed to unitholders on January 25, 2002.
Canadian Oil Sands Trust is an open-ended investment trust that generates income from its 21.74 per cent working interest in the Syncrude Joint Venture. The Trust currently has approximately 56.8 million units outstanding, which trade on The Toronto Stock Exchange under the symbol COS.UN. Historically, the Trust has paid quarterly distributions to its Unitholders. The Trust is managed by Canadian Oil Sands Investments Inc. and Athabasca Oil Sands Investments Inc.
Advisory - Certain information regarding the Trust set forth above, including Management's assessment of the Trust's future plans and operations, may constitute forward-looking statements under applicable securities law. The energy business necessarily involves risks associated with development, production, marketing and transportation of energy. These risks include loss of market, volatility of prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
Canadian Oil Sands Investments Inc.
Marcel Coutu
President & Chief Executive Officer
Units Listed - Symbol: COS.UN
Toronto Stock Exchange -30- For further information: Investor relations:(403) 290-3329, COST_InvestorRelations@pancanadianenergy.com, Web site: www.canadianoilsandstrust.com
|