TORONTO, June 19 /CNW/ - Crown Hill Fund and Citadel Group of Funds are
pleased to announce that a special meeting for each Citadel Fund will be held
to seek securityholder approval for the proposed fund mergers. Details of the
mergers, which will include a special redemption option, will be forthcoming.
The mergers remain subject to review by the independent review committee of
each of the Funds. The Funds are also pleased to announce their intention to
remain listed on the Toronto Stock Exchange.
Following discussions with concerned investors, regulatory authorities
and other stakeholders, the Manager of the Crown Hill Fund and the
Administrator of the Citadel Funds have determined that holding a special
meeting is the best means to achieve a reorganization while balancing
securityholder interests. A continued TSX listing is compatible with the
proposed reorganization and aligns with stakeholder concerns.
The Citadel special meetings are expected to be convened as soon as
practicable. The Funds are in discussions with portfolio managers and other
stakeholders about what the new merged fund, expected to be Crown Hill Fund,
will ultimately look like.
The special meeting of Crown Hill Fund will proceed on Monday, June 29,
2009 as announced. The Crown Hill meeting is the first step in the
reorganization and has no direct impact on the rights of investors in the
Citadel Funds. No proposed Citadel fund merger will proceed without Citadel
securityholder approval. Citadel investors will receive a management
information circular in advance of any special meeting.
As previously disclosed, CGF Mutual Funds Corporation and CGF Resource
2008 Flow-Through LP will not be part of the reorganization.
For further information:
For further information: Crown Hill Fund, Investor Relations, (416)
361-1212, www.crownhill.ca; Citadel Group of Funds, Investor Relations,