MONTREAL, Oct. 23, 2013 /CNW Telbec/ - O'Leary Funds Management LP, the
manager and trustee (the "Manager") of Yield Advantaged Convertible
Debentures Fund (TSX: OCV.un) (the "Fund") is proposing certain changes
to the Declaration of Trust which created the Fund in January of 2011.
The Fund is scheduled to terminate on February 28, 2014 (the
"Termination Date"). As an alternative to the termination of the Fund,
the Manager proposes to extend the term (the "Continuation"). In
addition to the above, the Manager proposes to modify the investment
objectives, investment strategies and investment restrictions, as
defined in the Fund's Declaration of Trust, in part due to tax changes
relating to character conversions. The Fund is currently structured as
a tax-advantaged investment fund. On March 21, 2013 the Federal
Minister of Finance proposed amendments to the Income Tax Act to
eliminate the tax advantages of character conversion transactions.
A special meeting of unitholders of the Fund will be held on December
20, 2013 to consider and vote upon the Continuation and any ancillary
matters (the "Special Meeting"). Unitholders of record of the Fund at
the close of business on November 15, 2013 are entitled to receive
notice of, and vote at, the Special Meeting. Further details will be
outlined in a management information circular that will be delivered to
unitholders in connection with the Special Meeting. The proposed
changes each require the approval of no less than 66⅔% of the votes
casts by the unitholders.
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 strategic income solutions. Based 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 LP
For further information:
for media inquiries or additional information, please contact Louise Anne Poirier, Investor Relations at email@example.com or at 877-849-2004 or 514-849-1056.