First Trust/Highland Capital Floating Rate Income Fund and First Trust/Highland Capital Floating Rate Income Fund II Announce Change to Meeting Date and Matters for Consideration



    TORONTO, May 26 /CNW/ - First Trust/Highland Capital Floating Rate Income
Fund (TSX:FHT.UN) and First Trust/Highland Capital Floating Rate Income Fund
II (TSX: FHM.UN) (each a "Fund") announce a change in the date of the upcoming
meeting of unitholders of each Fund. The meetings will be held on July 14,
2009.
    As previously announced, the meetings will be held to consider a
resolution (the "Merger Resolution") to approve the merger of the two Funds
and all other matters ancillary thereto. In addition, the unitholders of each
Fund will be asked to consider resolutions (the "Amendment Resolutions") to
amend the provisions of the declaration of trust of each Fund as follows: (a)
to cap the number of Units of a Fund that may be redeemed at the net asset
value per Unit in 2010 and 2011 at 10% of outstanding Units with redeeming
unitholders being dealt with on a pro rata basis if the cap is exceeded, (b)
to change the termination provisions of the Fund to permit the trustee of the
Fund to terminate the Fund in the event that the Fund is no longer
economically feasible or if it is in the best interests of the Fund, and (c)
to permit certain additional securities offerings where the net proceeds of
the offering may be less than the net asset value per Unit. Each Amendment
Resolution will be a distinct resolution, separate from the Merger Resolution,
and will be more fully described in the information circular to be sent to
unitholders of the Funds in mid-June. In addition, if the Merger Resolution is
not approved at the meetings by one or both Funds, unitholders of the Funds
will be asked to consider a resolution to terminate the Funds.





For further information:

For further information: First Defined Portfolio Management Co., (416)
865-8065, (877) 622-5552

Organization Profile

FIRST TRUST/HIGHLAND CAPITAL FLOATING RATE INCOME FUND

More on this organization

FIRST TRUST/HIGHLAND CAPITAL FLOATING RATE INCOME FUND II

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890