|By PR Newswire||
|April 15, 2014 05:35 PM EDT||
TORONTO, April 15, 2014 /CNW/ - Aston Hill Asset Management Inc. ("Aston Hill") announced that the merger (the "Merger") of Redwood Income Strategies Class (the "Terminating Fund") into Aston Hill Growth & Income Fund (the "Continuing Fund") was completed after the close of business on April 14, 2014 (the "Effective Date").
The Merger was approved by the Terminating Fund's shareholders at a special meeting held on March 28, 2014. At that time, shareholders also approved a change of manager of the Terminating Fund from Redwood Asset Management Inc. to Aston Hill (the "Change of Manager").
While the Terminating Fund represents a class of mutual fund shares of a mutual fund corporation, the Continuing Fund is a retail mutual fund structured as a trust. As a result of the Merger, shareholders of the Terminating Fund have therefore become unitholders of an equivalent series of units of the Continuing Fund. The number of units of the Continuing Fund issued to a shareholder of the Terminating Fund was based on the applicable exchange ratio set out below.
MERGER EXCHANGE RATIO
|Series of Terminating Fund||
Number of Units of Continuing Fund
per Terminating Fund Share
|Series A shares||1.04302|
|Series AA shares||1.27065|
|Series F shares||1.05082|
|Series FF shares||1.18887|
The Merger was implemented on a taxable basis as it involved a corporate fund being merged into a trust fund. The Merger is, however, anticipated to benefit shareholders of the Terminating Fund for a variety of reasons, including an expected reduction in applicable fees. Aston Hill was the portfolio manager of the Terminating Fund and will remain as the portfolio manager for the Continuing Fund.
Aston Hill is a wholly-owned subsidiary of Aston Hill Financial Inc. (TSX: AHF). Aston Hill Financial Inc. is a diversified asset management company with a suite of retail mutual funds, closed end funds, private equity funds, hedge funds and segregated institutional funds. Aston Hill Financial Inc. has offices in Calgary, Toronto and Halifax.
SOURCE Aston Hill Asset Management Inc.
May. 3, 2016 12:30 PM EDT Reads: 748
May. 3, 2016 12:30 PM EDT Reads: 1,146
May. 3, 2016 12:30 PM EDT Reads: 1,184
May. 3, 2016 12:15 PM EDT Reads: 1,575
May. 3, 2016 12:00 PM EDT Reads: 1,341
May. 3, 2016 11:30 AM EDT Reads: 1,091
May. 3, 2016 11:30 AM EDT Reads: 878
May. 3, 2016 11:15 AM EDT Reads: 1,017
May. 3, 2016 11:00 AM EDT Reads: 743
May. 3, 2016 11:00 AM EDT Reads: 1,141
May. 3, 2016 10:45 AM EDT Reads: 858
May. 3, 2016 10:30 AM EDT Reads: 564
May. 3, 2016 10:30 AM EDT Reads: 1,188
May. 3, 2016 09:45 AM EDT Reads: 1,408
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
May. 3, 2016 09:45 AM EDT Reads: 1,104