TORONTO, April 15, 2014 /CNW/ - Aston Hill Asset Management Inc. ("Aston Hill") announced that the merger (the "Merger") of Redwood Income Strategies Class (the "Terminating Fund") into Aston Hill Growth & Income Fund (the "Continuing Fund") was completed after the close of business on April 14, 2014 (the "Effective Date").
The Merger was approved by the Terminating Fund's shareholders at a
special meeting held on March 28, 2014. At that time, shareholders also
approved a change of manager of the Terminating Fund from Redwood Asset
Management Inc. to Aston Hill (the "Change of Manager").
While the Terminating Fund represents a class of mutual fund shares of a
mutual fund corporation, the Continuing Fund is a retail mutual fund
structured as a trust. As a result of the Merger, shareholders of the
Terminating Fund have therefore become unitholders of an equivalent
series of units of the Continuing Fund. The number of units of the
Continuing Fund issued to a shareholder of the Terminating Fund was
based on the applicable exchange ratio set out below.
MERGER EXCHANGE RATIO
Series of Terminating Fund
Number of Units of Continuing Fund
per Terminating Fund Share
Series A shares
Series AA shares
Series F shares
Series FF shares
The Merger was implemented on a taxable basis as it involved a corporate
fund being merged into a trust fund. The Merger is, however,
anticipated to benefit shareholders of the Terminating Fund for a
variety of reasons, including an expected reduction in applicable
fees. Aston Hill was the portfolio manager of the Terminating Fund and
will remain as the portfolio manager for the Continuing Fund.
Aston Hill is a wholly-owned subsidiary of Aston Hill Financial Inc.
(TSX: AHF). Aston Hill Financial Inc. 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. Aston
Hill Financial Inc. has offices in Calgary, Toronto and Halifax.
SOURCE: Aston Hill Asset Management Inc.
For further information:
Michael J. Killeen, President
Aston Hill Asset Management Inc.
Tel: (416) 583-2300