TORONTO, May 28, 2014 /CNW/ - Jov Leon Frazer Enhanced Opportunities
Fund Inc. (the "Fund") announced today that its Board of Directors (the
"Board") has approved a proposal to suspend redemptions and proceed
with the wind-up of the Fund through an orderly liquidation of the
Fund's assets (the "Orderly Liquidation").
The wind-up is expected to be consistent with the Community Small Business Investment Funds Act (Ontario) and the proposed amendments to the Income Tax Act (Canada) announced on March 21, 2013 and November 27, 2013. As part of
the Orderly Liquidation and wind-up plan, the Fund will suspend payment
in respect to requests for redemptions of the shares effective
immediately. The completion of the Orderly Liquidation is subject to
the satisfaction of certain conditions, including shareholder and any
necessary regulatory and tax approvals.
The Orderly Liquidation and wind-up of the Fund are subject to the
approval of the Fund's shareholders at a Special Meeting of
Shareholders to be held on July 25, 2014 (the "Special Meeting"). The
Fund is currently preparing an information circular in connection with
the Special Meeting which will disclose details of the Orderly
Liquidation and wind-up and will be distributed to shareholders for
their consideration in due course.
About Jov Leon Frazer Enhanced Opportunities Fund Inc.
Jov Leon Frazer Enhanced Opportunities Fund Inc. was formed under the Canada Business Corporations Act (Canada) by articles of amalgamation dated December 12, 2006 under the
name Horizons Advantage Equity Fund Inc. and changed its name to Jov
Leon Frazer Enhanced Opportunities Fund Inc. by articles of amendment
dated March 4, 2013. The Fund is registered as a labour sponsored fund
corporation in Ontario under the Community Small Business Investment Funds Act (Ontario) and as a labour-sponsored venture capital corporation under
the Income Tax Act (Canada).
SOURCE: IA Clarington Investments Inc.
For further information:
Senior Director, Media Relations
(416) 815-0700 ext. 266