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.

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.