TORONTO, Feb. 22 /CNW/ - Ridgewood Capital Asset Management Inc. (the "Manager"), the manager of Ridgewood Canadian Investment Grade Bond Fund (TSX:
RIB.UN) (the "Fund"), announces that a special meeting (the "Meeting") of holders (the "Unitholders") of the Fund's units (the "Units") will be held on March 31, 2011, commencing at 10:00 a.m. at the
offices of Fasken Martineau DuMoulin LLP, 333 Bay Street, Suite 2400,
The Manager has determined that it is desirable to increase the portion
of the Fund's portfolio that may be invested in investment grade
"Maples", that is investment grade bonds issued by non-Canadian issuers
denominated in Canadian dollars, to 25% of the Fund's net asset value.
In order to effect the foregoing, the Manager is holding the Meeting to
seek Unitholder approval of amendments to the Fund's investment
restrictions (the "Proposed Amendment"). The Manager believes that the Proposed Amendment will allow the Fund
to diversify its portfolio to a greater extent.
Details regarding the Proposed Amendment will be contained in an
information circular which is expected to be mailed to Unitholders in
March, 2011. The record date for the special meeting is March 2, 2011.
Unitholders are encouraged to complete and return their proxy forms in
order that their Units can be voted at the Meeting. The board of
directors of the Manager has determined that the Proposed Amendment is
in the best interests of the Fund and, accordingly, recommends that
Unitholders vote in favour of the special resolution authorizing the
Certain statements in this press release may be viewed as
forward-looking statements. Any statements that express or involve
discussions with respect to expectations, beliefs, plans, intentions,
projections, objectives, assumptions or future events are not
statements of historical fact and may be forward-looking statements.
Statements which may constitute forward-looking statements relate to:
the proposed timing of the Meeting, the mailing of the information
circular and the record date for the Meeting; the nature of the
Proposed Amendment; and expected benefits of the Proposed Amendment.
Forward-looking statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ from
those reflected in the forward-looking statements including as a result
of changes in the general economic and political environment, changes
in applicable legislation, and the performance of the Fund. Such
forward-looking statements are only predictions; actual events or
results may differ materially and the Fund does not undertake any
obligation to update such statements.
SOURCE Ridgewood Canadian Investment Grade Bond Fund
For further information:
For further information regarding the Fund, please visit the Ridgewood Capital Asset Management website at www.ridgewoodcapital.ca or contact John H. Simpson, CFA at 416 479 2751.