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|Latest News April 17, 2014|
The target annual distribution is the implied cash flow yield based upon an assumed net asset value per unit of $10.00 and the targeted monthly distributions set out in the relevant fund's prospectus dated November 29, 2012. There is no assurance that the targeted monthly distributions will be made. The amount of distributions may fluctuate from month to month and there can be no assurance that a fund will make a distribution in any particular month. Return On Innovation Advisors Ltd., as manager of the funds, may increase or decrease the monthly distribution or discontinue the monthly distribution for a fund at any time without any notice and in any single instance.
Current yield based on previous closing market price and the annualized target distribution.
ROI Canadian High Income Mortgage Fund (RIH.UN), ROI Canadian Mortgage Income Fund (RIL.UN), and ROI Canadian Real Estate Fund (RIR.UN) (the "Funds") each use a derivative contract known as a forward purchase agreement. The maturity dates of the forward purchase agreements are January 16, 2017, November 1, 2013, and March 25, 2014 respectively. On March 21, 2013, the Federal Minister of Finance announced measures that would affect character conversion transactions where a derivative contract, such as a forward purchase agreement, is used to convert ordinary income into capital gains. The Funds will no longer be permitted to use forward purchase agreements with a term longer than 180 days and that are entered into or amended after March 20, 2013. This will result in ordinary income treatment for the derivative-based return once the forward purchase agreement matures.
The target annual dividend is the implied cash flow yield based upon an assumed net asset value per share of $100.00 and the targeted monthly dividends set out in the ROI Private Commercial Mortgage Investment Corporation's ("ROI Private Commercial MIC") offering memorandum. There is no assurance that the targeted monthly dividends will be paid. The amount of dividends may fluctuate from month to month and there can be no assurance that a fund will pay a dividend in any particular month. Return On Innovation Advisors Ltd. ("ROI Advisors Ltd."), as Manager, may increase or decrease the monthly dividend or discontinue the monthly dividend for a fund at any time without any notice and in any single instance. Commissions, trailing commissions, management fees, and expenses all may be associated with the ROI Private Commercial MIC. Please read the offering memorandum and financial statements before investing. The ROI Private Commercial MIC is not suitable for all investors and is not guaranteed; its value changes frequently and is subject to risk and uncertainties. Past performance may not be repeated. The ROI Private Commercial MIC is an exempt market security. Investing in exempt securities may constrain an investor's ability to sell for a specific period of time. The process by which the investments of the fund are valued is fair and reasonable. There is no published market to value these investments; the valuation process may have uncertainties. The shares of ROI Private Commercial MIC are available only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such shares. Nothing contained herein shall constitute, or shall be deemed to constitute, investment advice or a recommendation to buy or sell a specific security, by ROI Private Commercial MIC or its manager, ROI Advisors Ltd. Prepared by ROI Advisors Ltd.
Compliance Update from ROI Management Ltd. and ROI Advisors Ltd.
Return On Innovation Advisors Ltd.
ROI CAPITAL'S PRIVACY CODE:
ROI Capital ("ROI") is committed to protecting the privacy and confidentiality of information which is gathered from our clients from time to time. This commitment by us and by each of our employees to clients has always been fundamental to our business.
The Personal Information Protection and Electronic Documents Act ("PIPEDA") regulates the way private sector organizations collect, use and disclose personal information. As ROI collects uses and/or discloses personal information from clients other than information that is publicly available in the course of its commercial activities, it must comply with PIPEDA.
ROI recognizes the importance of privacy and recognizes the sensitivity of personal information received by it in the conduct of its business.
The Need for Personal Information
ROI collects Personal Information from clients to meet certain regulatory requirements, tax reporting requirements and to ensure that transfer agent and registrar services are adequately being fulfilled. This information will necessarily include personal information about clients and, in certain cases, about individuals other than clients (e.g. information on person with trading authority). From time to time, ROI may be required to collect information from a third party. The executor of an estate is an example of a third party who may provide information about a client to ROI. Examples of Personal Information collected by ROI include but are not limited to:
Other types of information ROI may collect and hold depends on the investment or services a client requests. For example, where a client has established a pre-authorized chequing plan or systematic withdrawal plan on a "client name" account, ROI will hold a client's financial institution account number.
Collection, Use and Disclosure of Personal Information
Where practical, ROI will try to collect personal information through the financial advisor or dealer to whom the information pertains. ROI will collect only the personal information necessary for the purposes stated above under "The Need for Personal Information".
Where necessary to fulfill regulatory obligations, ROI may collect personal information about individuals other than clients in accordance with the provisions of PIPEDA. For investors transacting in the ROI Pooled Funds, the Subscription Agreement contains the necessary language with respect to consent. When ROI collects personal information about individuals directly from them, except in situations when their consent to the collection is deemed, ROI will advise them of the purpose for which the information is collected.
Obtaining consent from the individual after disclosure of the purpose, for which the personal information is collected, used and disclosed, is a key element of PIPEDA. However, this obligation is not absolute. PIPEDA also permits ROI to collect, use or disclose personal information about an individual in some circumstances without the individual's consent. Such circumstances include (but are not limited) to where:
When ROI collects, uses or discloses personal information, it will make reasonable efforts to ensure that the information is accurate, complete and up to date.
Security of Personal Information
Client information must be protected by security safeguards appropriate to the sensitivity of the information. The security safeguards protect client information against loss or theft, as well as unauthorized access, disclosure, copying, use, or modification. ROI requires that all confidential information be maintained in their designated secured areas or electronic databases.
Access to Personal Information
Access to your information will be limited to:
Requests for Access to Personal Information
All clients have a right to access specific information about policies and procedures relating to the management of client information.
Upon request, a client shall be informed of the existence, use, and disclosure of his or her personal information and shall be given access to that information. A client is able to challenge the accuracy and completeness of the information collected and have it amended as appropriate.
An individual may also submit a written request to correct errors or omissions in their personal information. When provided with a written request, ROI will:
Contacting or Communicating with ROI
If clients have any questions with respect to policies concerning the handling of their personal information, or if they wish to request access to, or correction of their personal information, they may contact ROI's Privacy Officer as follows:
Attn: Gil Garbus Jr., Chief Compliance Officer
37 Front Street East, 4th Floor
Toronto, Ontario M5E 1B3
The ROI Private Commercial Mortgage Investment Corporation is not publicly offered. It is only available under prospectus and other exemptions to investors who meet certain eligibility or minimum purchase requirements. Shares are offered to investors who are (i) accredited investors, under applicable securities legislation, (ii) non-accredited who invest a minimum of $150,000 in the Company or (iii) investors to whom Shares may otherwise be sold pursuant to a prospectus exemption in accordance with applicable law.
1) If the Investor is purchasing Shares under the Minimum Amount Exemption, the Investor is purchasing as principal a sufficient number of Shares so that the aggregate acquisition cost to the Investor will not be less than $150,000; or
2) If the Investor is purchasing Shares under the Accredited Investor Exemption, the Investor is purchasing as principal and has status as an "accredited investor" as defined in section 1.1 of NI 45-106 as one of the following:
(A) A Canadian financial institution, or a Schedule III bank,
(B) The Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada), or
(C) A subsidiary of any person referred to in paragraphs (A) or (B), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary,
(D) A person registered under the securities legislation of a jurisdiction of Canada as an advisor or dealer, other than a person registered solely as a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador),
(E) An individual registered or formerly registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (D),
(F) The Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada,
(G) A municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec,
(H) Any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government,
(I) A pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada,
(J) An individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000,
(K) An individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year,
(L) An individual who, either alone or with a spouse, has net assets of at least $5,000,000,
(M) A person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements,
(N) An investment fund that distributes or has distributed its securities only to
(i) A person that is or was an accredited investor at the time of the distribution,
(ii) A person that acquires or acquired securities in the circumstances referred to in sections 2.10 [Minimum amount investment], or 2.19 [Additional investment in investment funds], or
(iii) A person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 [Investment fund reinvestment].
(O) An investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt,
(P) A trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be,
(Q) A person acting on behalf of a fully managed account managed by that person, if that person
(i) Is registered or authorized to carry on business as an advisor or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction, and
(ii) In Ontario, is purchasing a security that is not a security of an investment fund.
(R) A registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility advisor or an advisor registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded,
(S) An entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (A) to (D) or paragraph (I) in form and function,
(T) A person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors,
(U) An investment fund that is advised by a person registered as an advisor or a person that is exempt from registration as an advisor, or
(V) A person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor.