Proposed Merger of Aston Hill Global High Income Fund into Aston Hill Global Convertible Bond Class and Aston Hill Global Convertible Bond Fund

TORONTO, Nov. 15, 2011 /CNW/ - Aston Hill Asset Management Inc. (the "Manager"), the manager of Aston Hill Global High Income Fund (the "Fund", formerly called Navina/Lazard U.S. High Yield Bond Fund), announced that it proposes to merge the Fund into Aston Hill Global Convertible Bond Class and Aston Hill Global Convertible Bond Fund.  The merger will include the following key features:

  • Non-taxable unitholders of the Fund will become unitholders of Aston Hill Global Convertible Bond Fund.

  • Taxable unitholders of the Fund (other than taxable unitholders resident in Québec) will become shareholders of Aston Hill Global Convertible Bond Class.

  • Taxable unitholders of the Fund resident in Québec will become unitholders of Aston Hill Global Convertible Bond Fund.

  • The merger will not be implemented on a tax-deferred basis as the Fund will complete its forward transaction prior to implementing the merger.  It is currently expected that the merger will result in unitholders receiving a capital gain of approximately $0.71 per Class A unit and $0.91 per Class F unit, or approximately 7.6% and 9.5%, respectively, of the Class A and Class F net asset values per unit.

  • Class A and F unitholders of the Fund will become Series Y and F investors, respectively, in the Continuing Funds which have the same or lower management fees than the Fund.

As a result of the merger, unitholders will obtain exposure to a more broadly diversified investment portfolio with the benefit of a lower management expense ratio achieved through lower costs and economies of scale.

Implementation of the merger is subject to receipt of all necessary unitholder and regulatory approvals.  A special meeting of the unitholders of the Fund will be held on December 20, 2011 to approve the merger and, if all required approvals are obtained, the merger is expected to be implemented on or shortly after December 20, 2011.

Additional information concerning the Continuing Funds is available at www.astonhill.ca and www.sedar.com.  Additional information concerning the merger will be contained in the materials sent to unitholders of the Fund in connection with the upcoming special meeting.

About Aston Hill

The Manager, Aston Hill Investments Inc. and Aston Hill Management Limited are wholly-owned subsidiaries of Aston Hill Financial Inc. (TSX: AHF).  Aston Hill Financial 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.  It is also engaged in oil and gas property management.  Aston Hill Financial has offices in Calgary and Toronto.

SOURCE Aston Hill Financial Inc.

For further information:

Michael J. Killeen
President
Aston Hill Asset Management Inc.
(416) 362-5597

Profil de l'entreprise

Aston Hill Financial Inc.

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Aston Hill Asset Management Inc.

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