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Malachite Aggressive Preferred Fund : Administrative History


Administrative History

The fund was established in March, 2001, by Hymas Investment Management Inc. (HIMI), which served as Trustee and Portfolio Manager until November, 2004, but several changes have occurred since then. The following table shows the sequence of events as it relates to the fund:
Event Trustee Portfolio Manager (Firm) Portfolio Manager (Individual) OSC Involvement
Inception
March 31, 2001
HIMI HIMI James Hymas None
James Hymas joins PAAM (1)
November 19, 2004
PAAM
HIMI arranges for transfer of trusteeship (2)
Dec. 6, 2004 - Jan 19, 2005
PAAM prohibited from accepting new assets (3)
February 2, 2005
New asset prohibition.
Trusteeship transferred to PAAM (4)
February 7, 2005
PAAM
OSC issues cease-trading order against PAAM (5)
February 10, 2005
Cease-trading order
PAAM placed in receivership (6)
March 4, 2005
KPMG / PAAM KPMG / PAAM None
Court orders trusteeship to revert to HIMI; MAPF removed from receivership (7)
April 27, 2005
HIMI None
Court orders MAPF removed from PAAM bankruptcy application (8)
May 19, 2005
HIMI recommences portfolio management duties (9)
August 15,2005
HIMI James Hymas
(1) PAAM is Portus Alternative Asset Management. PAAM, with approximately CAD 750-million in retail assets under management, wished to commence building an internal asset management capability to bring this function in-house.
(2)See Notice of Resignation as Trustee, Notice of Unitholder Meeting, Report on unitholder meeting, Amended Notice of Resignation as Trustee
(3) See the OSC "First Order"
(4) See the Second Report of the Receiver, item 29
(5) See the OSC "Second Order".
(6) KPMG is "KPMG LLP", appointed as Receiver. See the Court Order of March 4 and the Affidavit of Kelly Everest. Note that MAPF was inadverdently left off the list of Portus-controlled trusts; this oversight was corrected in the Court Order of March 29.
(7) See the Fourth Report of the Receiver (items 13-15) and the Court Order April 27 (items 8-9).
(8) See the Court Order May 19 (items 3-4)
(9)Arrangements were made in May for the provision of Portfolio Management services to the fund on an interim basis, pending the re-registration of HIMI with the OSC. Custodial issues prevented the selected firm from assuming its duties - these issues were resolved in August.