O'Leary Funds Management LP announces closing of merger of O'Leary Hard Asset Income Fund into O'Leary Global Infrastructure Yield Fund and related special distributions of O'Leary Global Infrastructure Yield Fund, effective November 2, 2012.
MONTREAL, Nov. 5, 2012 /CNW Telbec/ - O'Leary Funds Management LP, the manager and trustee (the "Manager") of O'Leary Hard Asset Income Fund ("OHA") and O'Leary Global Infrastructure Yield Fund ("OGN" and together with OHA, the "Funds") is pleased to announce that the merger (the "Merger") of OHA into OGN was completed, effective November 2, 2012. As a result of the Merger, which was completed on a tax-deferred basis, OGN unitholders of record on the close of business on November 2, 2012 are receiving a special distribution derived from realized capital gains on investments as well as other realized income sources generated by the Funds during the period from January 1, 2012 through November 2, 2012. The amount of the special distribution per series of OGN is as follows:
|OGN||Special Distribution per Unit (rounded)|
In addition, pursuant to the Merger, unitholders of OHA, the terminating fund, will receive one series Y unit of OGN in exchange for each unit of OHA (exchange ratio of 1:1), which they held on November 2, 2012. The exchange ratio was determined by the Manager with reference to net asset value per unit of each of the Funds as at the end of business on November 2, 2012. Pursuant to the Merger, all of the assets of OHA were transferred to OGN and consequently OHA will be wound up and terminated.
Important information for non-residents: unitholder accounts which are deemed to be non-resident of a Canadian province are not allowed to hold units of OGN and, accordingly, will be redeemed.
O'Leary Funds Management LP is a Canadian investment fund manager of mutual funds and closed-end funds striving to provide Canadian investors with reliable and unique income solutions. Focused on our value-yield investment philosophy, Canadian and global investment opportunities are identified through a disciplined investment process. Our core principles, Income, Capital Appreciation and Capital Preservation, are driven by each portfolios investment objectives. Our portfolios are diversified by sector, region and asset class. For more details about O'Leary Funds, visit www.olearyfunds.com.
SOURCE: O'Leary Funds Management LPFor further information:
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