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///Unit Holder Additional Info
Unit Holder Additional Info2018-10-10T22:30:19+00:00
Delisting of Units from the Toronto Stock Exchange and Redemption and Transfer of Units

At a Special Meeting of Unitholders held on November 26, 2010, the Unitholders of the Fund passed resolutions approving: (i) the delisting of the Units from the Toronto Stock Exchange (the “TSX”) and (ii) certain amendments to the Fund’s Deed of Trust relating to the trading rights of Unitholders, cash redemptions and redemption limits.

Delisting of the Units from the TSX

In accordance with the resolution approved at the Special Meeting, the Fund arranged to have the Units delisted from the TSX effective the close of trading on December 15, 2010.

The Fund continues to be a reporting issuer in the Provinces of Alberta, Ontario, Quebec and Nova Scotia. Accordingly, the Fund will continue to file quarterly and annual financial statements and other continuous disclosure documents required by the applicable securities regulatory authorities, which will be posted on the SEDAR system and the existing outstanding Units will continue to be free from transfer restrictions under applicable Canadian securities laws.

Redemption

The Fund’s Deed of Trust was amended and restated to ensure that there is no public or organized market for the trading of the Units, in order that the Fund was not considered to be a “SIFT” pursuant to the provisions of the Income Tax Act (Canada. Accordingly, the amendments to the Deed of Trust included a provision that the consent of the Trustees of the Fund is required for any transfer of Units.

In addition, to address in part the loss of liquidity to Unitholders that resulted from the delisting, the Deed of Trust was amended to enhance the Fund’s redemption rights. The amendment increased the amount the Fund can make available to redeem Units, in cash, from $100,000 per month to $1,500,000 per month (subject to the Trustees discretion to exceed this amount). The amendments also provided for the Trustees to post a redemption price to be determined by the Trustees, from time to time, based upon the Fund’s tangible book value (the “TBV”), plus or minus 10% of the TBV, depending upon the Trustee’s view of the Fund’s business prospects and liquidity at a particular time. The Trustee’s also have the right, in their discretion, to immediately adjust the TBV for any sudden material events or changes in the business of the Fund. The detailed calculation of the TBV is more specifically set forth in the amended and restated Deed of Trust, a copy of which is available to any Unitholder, without charge, upon request.

The aggregate value of redemptions is determined on a monthly basis for approval by the Board of Trustees. Any Units tendered and accepted for redemption will be processed and cancelled by the tenth day of the month immediately following the tendering of same by Unitholders requesting their Units be redeemed.

Redemption Process

In order for a Unitholder to have their Units redeemed, they must tender the following documents:

1.    a completed Trust Unit Redemption Form;

2.    a Trust Unit Certificate, duly endorsed for transfer.

Completed documents are to be submitted to the Fund’s Registrar and Transfer Agent at the address set forth below:

Computershare
Suite 600
530 8 Avenue SW
Calgary, Alberta  T2P 3S8
Attention:  Bart Wingerak

Download Foremost Trust Redemption Form unit holder additional info Unit Holder Additional Info application pdf

Transfers of Units

Unitholders are still entitled to trade their Units through private sales, subject to the specific consent of the Trustees, and any restrictions which may apply to a specific selling Unitholder. However, the Units are not listed on any stock exchange and there is no other public market for trading the Units.

Annual/Special General Meetings

In the ordinary course, the Fund holds its Annual General Meeting of Unitholders in June of each calendar year and will hold Special General Meetings as and when required. The materials for such meetings as required by securities legislation will be made available to Unitholders in accordance with the provisions of such legislation.

Historical Tax Information PDF

Foremost Income Fund
Historic Summary of T3 Slips

The Foremost Industries Income Fund was reorganized on December 28, 2005 to create a new fund, Foremost Income Fund. The initial transfer price at which the old units of the Foremost Industries Income Fund were replaced by units of Foremost Income Fund, was $14.635 per unit which becomes the initial ACB for all unit holders as at that date.

The following information is a summary of distributions and income allocations made by the Foremost Income Fund from 2006 to 2017 on a per unit basis. This information can also be found on the T3 tax slips available at https://services.cds.ca/t3.

Note 1 – In 2011, in addition to the regular distribution, the Fund also proceeded with a Special Redemption whereby 1,844,075 units were redeemed. This amount was equal to 11% of the units held by each unitholder that participated. For each unit redeemed investors received a total cash payment of $11.00. This amount was made up of $10.99 of income and $0.01 of redemption proceeds. Unit holders that participated would have received a separate T3 for this transaction applicable only to those units redeemed.

The above table is intended for information purposes only. The income and other tax consequences of holding, redeeming or disposing of units will vary depending on the unitholder’s particular circumstances, including the jurisdiction(s) in which the unitholder resides or carries on business, and whether the unitholder is an RRSP, RESP, RRIF, DPSP or TFSA. Accordingly, this summary is of a general nature only and is not intended to be legal or tax advice to any unitholder. All unitholders should consult their own legal and tax advisors.

 

Whistleblower Policy PDF

PURPOSE

The purpose of this Whistleblower Policy is to establish formal guidelines for the receipt, retention and treatment

of reports of complaints and non‐compliance received by Foremost regarding legal, regulatory, financial statement disclosure issues, accounting or audit matters.

Foremost is committed to providing a workplace conducive to open discussion of its business practices. This policy is intended to be used for serious and sensitive issues relating to financial reporting or unethical conduct.

This policy aims to:

  1. Ensure that violations or suspected violations are disclosed before they can disrupt the operations oForemost
  2. Promote a climate of accountability with respect to Foremost’s resources, including its employees, and;
  3. To ensure that no one should feel at a disadvantage in raising legitimate concerns

It is the Audit Committee’s responsibility to ensure that Foremost has appropriate procedures for the receipt, retention, and treatment of complaints or concerns. As a matter of sound corporate governance, these procedures are designed to provide a readily understood, prompt and effective means of addressing such complaints or concerns.

PROCEDURES

  1. Examples of matters to be reported

The following are examples of matters that are reported under this policy:

  1. Fraud, Theft
  2. Accounting Irregularities, Financial Statement Disclosure Issues
  3. Non‐compliance with Internal Accounting Controls d. Falsification of Company Records
  4. Release of Proprietary Information f. Safety/Security Violations
  5. Malicious Property Damage
  6. Breaches of applicable laws (environmental, health and safety laws)
  7. Ethics/Code of Conduct Violations related to the above matters

This policy does not address employee related issues such as harassment, workplace violence, substance abuse, discrimination, performance issues and inter‐relationship issues between which are dealt with under other Foremost policies.

  1. Submission and Receipt of Complaints
  1. Employees are free to bring complaints to the attention of their supervisors, the Human Resources Department, or the Legal Department. The recipients of such complaints shall forward them promptly to the Chair of the Audit Committee. If the complaint is regarding the Chair of the Audit Committee or the Audit Committee members, the recipient shall direct the complaint to the Board Liason.
  2. Employees that want to submit complaints confidentially or anonymously can do so using the address below:Attention: Foremost Audit Committee Chair
    TOM Capital Associates
    700, 999 – 8th Street SW
    Calgary, AB  T2R 1J5
    whistleblower@foremost.ca
  3. Non‐employees may submit complaints by mail or e‐mail to the addresses listed above.
  4. When submitting a report, the Whistleblower is encouraged to provide as much specific information as possible including names, dates, places and events that took place and an explanation as to why such event was a violation.

3. Retention of Records of Complaint

Records pertaining to a complaint are the property of Foremost and shall be retained:

  1. In compliance with applicable laws and document retention policies;
  2. Subject to safeguards that ensure their confidentiality, and, when applicable, the anonymity of the person making the complaint; and
  3. In such a manner as to maximize their usefulness to Foremost’s overall compliance program.

4. Retention of Records of Complaint

  1. The identity of the Whistleblower, if known, and any matter submitted through this policy, whether anonymous or otherwise, shall be treated as confidential, unless the issue requires investigation by law enforcement.
  2. Although a person making an anonymous complaint may be advised that maintaining anonymity could hinder an effective investigation, the anonymity of the person making the complaint shall be maintained where legally appropriate until the person indicates that he or she does not wish to remain anony Any system established for exchanging information with a complainant shall be designed to maintain confidentiality.
  3. The Chair of the Audit Committee shall inform such Committee of all complaints received, with an initial assessment as to the timeliness and appropriate treatment of each, considering the nature and complexity of the disclosure and the issues raised therein. Assessment, investigation, and evaluation of complaints shall be conducted by, or at the direction of, the Audit Com If the Committee deems it appropriate, the Committee may engage, at Foremost’s expense, independent advisors, such as outside counsel and accountants unaffiliated with the Foremost’s auditor.
  4. If, on preliminary examination the concern, issues or facts raised in any disclosure are judged to be wholly without substance or merit, the matter shall be dismissed, and the Whistleblower informed of the decision and the reasons for If the allegations have been made in bad faith, or are proven to be malicious, the Whistleblower may be subject to disciplinary action.
  5. Following investigation and evaluation of a complaint, the Chair of the Audit Committee shall report to the Committee on recommended disciplinary or remedial action, if any. The action determined by the Committee to be appropriate under the circumstances shall then be brought to the Board or to the appropriate members of Senior Management for authorization or implementation, respectively. If the action taken to resolve a complaint is deemed by the Audit Committee to be material orotherwise appropriate for inclusion in the minutes of the meetings of the Committee, it shall be noted in the minutes.
  6. The Whistleblower shall receive a report from Chair of the Audit report on the investigation, disposition or resolution of the matter.
  7. Any effort to retaliate against a Whistleblower making a complaint in good faith is strictly prohibited and shall be reported immediately to the Chair of the Audit Committee, or the Board Liason. Any allegations regarding such retaliation will be investigated and dealt with in accordance with this policy.
  8. The Whistleblower and all directors, officers, employees and other individuals have a duty to co‐ operate in an investigation. such individual is subject to remedial action which may include disciplinary action up and including termination and if warranted, legal proceedings.
  1. No Adverse Consequences

A complaint submission may be made by an officer or employee of Foremost without fear of dismissal, disciplinary action or retaliation of any kind. Foremost will not discharge, discipline, demote, suspend, threaten or in any matter discriminate against any person who submits in good faith a complaint.

  1. Remedial Action

Foremost reserves the right to discipline any individual who (i) fails to co‐operate in an investigation (ii) provides false information in an investigation (iii) makes an accusation without a reasonable, good faith belief in the truth and accuracy of their information or (iv) who knowingly provides false accusations or (v) otherwise breaches this policy.  In such case, such remedial action may include disciplinary action up and including termination and if warranted, legal proceedings.

The content above is for information purposes only, is not legally binding, is not maintained in real time, and is subject in all respects to Foremost’s Deed of Trust, and public disclosure filings as required by Canadian securities laws on www.sedar.com under the company profiles:

  •  Foremost Income Fund
  • Foremost Industries Income Fund
  • Foremost Industries Inc.”

Foremost provides and maintains the “Foremost Income Fund” information section of this website as a service to its Unitholders. This website is not intended to augment, substitute or supplement the legal disclosure requirements to which to Foremost is subject by securities and other legislation. Please read the “Terms of Use” for this website before you proceed.