TORONTO, Aug. 7 /CNW/ - First Trust/Highland Capital Floating Rate Income
Fund (the "Terminating Fund") and First Trust/Highland Capital Floating Rate
Income Fund II (the "Continuing Fund") have announced that the merger of these
First Trust/Highland Capital Funds is expected to occur on or about August 18,
2009 (the "Merger").
In connection with the Merger, the redeemable, transferable units of the
Terminating Fund will be delisted at the close of trading on Thursday, August
Pursuant to the Merger, the units of the Terminating Fund will be
redeemed in exchange for units of the Continuing Fund at an exchange ratio
(the "Exchange Ratio") calculated based on the relative net asset value of the
units of the Continuing Fund and the units of the Terminating Fund as at the
close of trading on the Toronto Stock Exchange ("TSX") on August 14, 2009. The
Terminating Fund will be terminated immediately after the Merger.
Units of the Terminating Fund were issued in "book-based" form, and CDS
Clearing and Depository Services Inc. is the only registered holder of units
of both of the funds. Accordingly, unitholders of the Terminating Fund are not
required to take any action in order to receive units of the Continuing Fund
in exchange for their units.
For further information:
For further information: regarding the foregoing, please contact: Fraser
Howell, President, First Defined Portfolio Management Co. at (416) 865-8054