TORONTO, June 10 /CNW/ - Cinnamon Investments Limited ("Cinnamon"), the
manager of the Ravensource Fund (the "Fund") (TSX: RAV.UN), announced today
the approval of a change in the manager of the Fund.
At a special meeting today, unitholders of the Fund approved the
termination of the portfolio management agreement and administration
agreement, pursuant to which Cinnamon currently provides services to the Fund.
Unitholders also approved the appointment of Stornoway Portfolio Management
Inc. ("Stornoway") as the new investment manager of the Fund. The change in
manager, as approved by unitholders, is expected to become effective on or
about July 1, 2008.
Stornoway currently act as the investment advisor to the Fund. The
benefits of terminating the current management agreements and appointing
Stornoway as investment manager are expected to include the avoidance of
conflicts of interest and the elimination of the duplication of administrative
effort associated with having two entities participating in management of the
Fund. It is also anticipated that, as a larger organization, Stornoway will
provide a depth of personnel and expertise to the Fund that Cinnamon alone can
not provide. Unitholders will further benefit from additional investment
professionals at Stornoway at no additional cost as there are no changes
proposed to the fee structure of the Fund. Additional information relating to
Stornoway is available on its website at www.stornowayportfolio.com.
At the special meeting, unitholders also approved certain changes to the
declaration of trust of the Fund. Such changes are designed to allow for more
efficient management of the Fund and bring the Fund into alignment with
current regulatory and industry practices. Among the changes approved was a
new required time frame by which unitholders must provide notice of
redemptions, and an extension of the time period by which the Fund is
permitted to make a redemption payment to thirty business days from the
For further information:
For further information: Cinnamon Investments Limited, 60 Bedford Road,
Toronto, Ontario, M5R 2K2, Attention: Patrick W.E. Hodgson, Telephone: (416)
975-9501 ext. 222, Fax: (416) 975-0988, Email: email@example.com