Yesterday, Pengrowth Energy Trust (Toronto: PGF.UN) announced that it plans on becoming a corporation on December 31th, 2010.
Basically, nothing much will change. Distributions will become dividends (as so will be taxed less for investors) but remain at $0.07 per month, at least for now. As explained in the announcement, the company has a big tax pool that mean it doesn't expect to pay taxes until 2014.
One area was unclear in the announcement, and that was the continuation of the reinvestment and purchase plan. Investors relations was contacted, and apparently the company plans on keeping it the same. That would include the 5% discount on both reinvested dividend and new purchases. :o)
The conversion will need to be approved by the unitholders during a special meeting to be held on December 16th. With those terms, I expect it to be a formality.