Aston Hill Capital Markets Provides Update on Fund Mergers

TORONTO, Feb. 1, 2016 /CNW/ - Aston Hill Capital Markets Inc. (the "Manager") is pleased to provide an update on the merger of Australian Banc Capital Securities Trust ("AB Fund"), Canadian Banc Capital Securities Trust ("CB Fund"), Euro Banc Capital Securities Trust ("EB Fund"), HBanc Capital Securities Trust ("HB Fund"), and North American Financials Capital Securities Trust ("NA Fund" and, collectively, the "Funds") resulting in NA Fund being the continuing fund and AB Fund, CB Fund, EB Fund and HB Fund being the terminating funds (collectively the "Terminating Funds").

The Merger became effective on January 29, 2016, and the Terminating Funds will be de-listed from the Toronto Stock Exchange ("TSX") at the close of business on Wednesday, February 3, 2016.  NA Fund will also be renamed Global Capital Securities Trust.

Pursuant to the Merger, Units of the Terminating Funds will be redeemed in exchange for class A units (the "Class A Units") or class F units (the "Class F Units") of NA Fund at an exchange ratio (the ''Exchange Ratio'') calculated based on the relative net asset value of the units of NA Fund and of the respective Terminating Fund as at the close of trading on January 28, 2016. Unitholders of the Terminating Funds will receive such number of NA Fund Class A Units or Class F Units as is equal to the number of units of each Terminating Fund held multiplied by the exchange ratio.  Fractional Class A Units and Class F Units of NA Fund will not be issued and all resulting fractional interests will be rounded down to the nearest whole number. The exchange ratios and net asset values for each Fund as at January 28, 2016 are presented in the table below.

Class A Unit Exchange Ratios



Continuing Fund

Net Asset Value Per Unit


North American Financials Capital Securities Trust, Class A

$22.1350





Terminating Funds

Net Asset Value Per Unit

Exchange Ratio

Australian Banc Capital Securities Trust, Class A

$9.1525

0.413485

Canadian Banc Capital Securities Trust, Class A

$21.4433

0.968751

Euro Banc Capital Securities Trust

$8.4612

0.382254

HBanc Capital Securities Trust, Class A - Series 1

$21.0127

0.949297

HBanc Capital Securities Trust, Class A - Series 2

$21.4470

0.968918




Class F Unit Exchange Ratios



Continuing Fund

Net Asset Value Per Unit


North American Financials Capital Securities Trust, Class F

$24.4262





Terminating Funds

Net Asset Value Per Unit

Exchange Ratio

Australian Banc Capital Securities Trust, Class F

$9.5591

0.391346

Canadian Banc Capital Securities Trust, Class F

$23.7109

0.970716

 

Details regarding the proposed Merger are contained in a joint management information circular which was mailed to unitholders of each Fund. The circular is also posted on the Manager's website and to www.sedar.com.

The Class A Units of Australian Banc Capital Securities Trust are listed on the TSX under the symbol AUZ.UN. The Class A Units of Canadian Banc Capital Securities Trust are listed on the TSX under the symbol CSB.UN. The Units of Euro Banc Capital Securities Trust are listed on the TSX under the symbol EBT.UN. The Class A, Series 1 Units of HBanc Capital Securities Trust are listed on the TSX under the symbol HSC.UN. The Class A Units of North American Financials Capital Securities Trust are listed on the TSX under the symbol NAF.UN.

Aston Hill Capital Markets Inc. is a leading Canadian structured financial products investment firm focused on creating and managing high quality investment vehicles. The Manager is a 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, hedge funds and segregated institutional funds. Aston Hill Financial is headquartered in Toronto.

SOURCE Aston Hill Capital Markets Inc.

For further information: please contact your financial advisor, call Aston Hill's Sales and Marketing support line at 416-583-2300 (toll-free at 1-800-513-3868), or visit our website at www.astonhill.ca


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