On July 27, 2004, Pengrowth Energy Trust completed a reclassification of its outstanding trust units into class A and class B trust units. The reclassification will permit Pengrowth to monitor and control non-resident ownership of its trust units thereby ensuring compliance with the non-resident ownership restrictions of the Income Tax Act (Canada) and preserving its status as a “mutual fund trust.” The only significant distinction between the two classes of trust units is that the class B trust units may only be held by residents of Canada, while the class A trust units are not subject to any such restriction. Following an initial implementation period, Pengrowth will maintain the class B trust units at not less than 50.25 per cent of the total number of outstanding trust units.
In Canada, Pengrowth was represented in-house by Charles Selby, corporate secretary, and by Bennett Jones, with a team led by Brad Markel that included Don Greenfield (oil & gas), Brent Kraus and Michael Klym (securities) and Alan Ross and Greg Johnson (tax). In the US, Pengrowth was represented by Vinson & Elkins, with a team that included Tom Mason (securities) and Barry Miller (tax).
Computershare Trust Company of Canada, the trustee of Pengrowth Energy Trust, was represented by Blake, Cassels & Graydon, with a team that included Pat Finnerty and Ross Bentley (securities) and Ron Mar (tax).