The following chart illustrates on a simplified basis the relationships among the Fund
, Glencore Canada and the Manager
and the Processing Facility
- The public has an effective interest of 75% of the Noranda Income Fund.
- Glencore Canada indirectly owns 25% of the Fund through the Ordinary Units.
- Cash distributions on the Ordinary Units are subordinated to distributions on the Priority Units until May 2017.
- Glencore Canada's Ordinary Units get equal cash distribution, except in a month where the distribution is not at least $0.08333 per unit.
- Ordinary Units are exchangeable for Priority Units after 2017.