TORONTO, Aug. 27 /CNW/ - Crown Hill Fund (the "Fund") announced today
that its previously postponed meeting of unitholders, to consider the
Reorganization Proposal, will be held on September 30, 2009 at 8:30 a.m.
The Reorganization includes the merger of the Fund with up to eight of
the Citadel funds whose administration the Fund acquired. The continuing Fund
will be renamed the Citadel Income Fund. The proposed changes to the Fund are
expected to significantly increase long-term value for unitholders and
- A new investment manager, Jarislowky, Fraser Limited. Jarislowsky,
Fraser is one of Canada's pre-eminent money managers. In addition to
being Canada's largest independent money manager, with over $40
billion in assets under management, it is also considered to be one
of Canada's leading authorities on matters of shareholder rights and
corporate governance. Its reputation is unparalleled and it has the
breadth and depth of qualifications necessary to manage a broadly
diversified, conservative, income oriented portfolio.
- A broader investment mandate. The new continuing fund's investment
strategy will include a broad range of income producing securities
and reduce reliance on the shrinking universe of income trust
- Continued High Level of Distributions. The continuing fund intends to
pay a high level of monthly distributions. The annual distribution is
currently set at approximately 8.5% of NAV per year and this is not
expected to change for the remainder of 2009.
- Lower Expenses. The new, larger fund resulting from the
Reorganization Proposal will have reduced total operating costs.
Savings will be achieved by rationalizing, reducing or eliminating
some expenses currently being paid by the funds. All of these savings
will be passed on to Unitholders.
- Greater Liquidity. Following the merger, the continuing fund is
expected to have a significantly larger market capitalization. This
should result in improved trading and liquidity for the units of the
continuing fund, which will continue to be listed on the Toronto
- Redemptions. Unitholders who do not wish to hold units in the
continuing fund will be able to redeem their units following the
meeting. In addition, unitholders would have a redemption right in
2010 and a limited annual redemption right in subsequent years.
This release contains forward-looking statements. These statements are
based on certain factors and assumptions including, results of operations,
performance and effective income tax rates. While the Funds and Citadel Fund
Administrator consider these factors and assumptions to be reasonable based on
information currently available, they may prove to be incorrect. Several
factors could cause actual results to differ materially from those in the
forward-looking statements, including, but not limited to: the timing of and
the ability to carry out the Reorganization, including the mergers and
fluctuations in the net asset value. Forward-looking statements are given only
as at the date of this release and the Funds and Citadel Fund Administrator
disclaims any obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by applicable law.
For further information:
For further information: please contact Kingsdale Shareholder Services
Inc. at 1-888-518-1558; Investor or Media Contact: Janet Craig, Kingsdale
Communications Inc., (416) 867-2315, firstname.lastname@example.org