CROWN HILL CAPITAL CORPORATION ANTICIPATES MERGER OF FAIRWAY DIVERSIFIED
INCOME AND GROWTH TRUST INTO CROWN HILL FUND
TORONTO, Jan. 15 /CNW/ - JovFunds Management Inc. ("JovFunds") and Crown
Hill Capital Corporation ("Crown Hill") are pleased to announce their
intention to complete the transactions pertaining to Fairway Diversified
Income and Growth Trust (FDT.UN) (the "Fairway Fund") previously announced on
December 22, 2008.
JovFunds, the manager and trustee of the Fairway Fund, confirms that
effective January 19, 2009, 2193322 Ontario Inc. ("TrusteeCo"), its affiliate
and wholly-owned subsidiary, will assume JovFunds's management and trustee
duties in regard to the Fairway Fund.
As previously announced, Crown Hill has entered into an agreement with
JovFunds to purchase TrusteeCo, subject to certain conditions (the
"Transaction"). The Transaction is expected to close on or about January 20,
2009. Crown Hill is the manager and trustee of other listed closed end funds
including the Crown Hill Fund (MYT.UN) (the "Crown Hill Fund").
Crown Hill anticipates that, provided the Transaction closes, the Fairway
Fund will merge with the Crown Hill Fund (the "Merger"). The Merger, which is
subject to, among other things, regulatory and third party approvals and
customary closing conditions, is expected to be completed on or about January
23, 2009 (the "Effective Date").
In anticipation of the Merger, JovFunds extended a special retraction
privilege which expired on January 9, 2009 (the "Retraction Privilege") to
unitholders who did not wish to participate in the Merger. All retraction
instructions that were received by the Canadian Depository for Securities in
accordance with the Retraction Privilege will receive a price calculated with
reference to the net asset value per unit of the Fairway Fund on January 12,
2009, adjusted for any distribution(s), less any expenses associated with the
retraction for each unit of the Fairway Fund tendered. Payment of the
Retraction Privilege proceeds will be made on January 16, 2009.
The Merger, if completed, will be effected on a tax-deferred "rollover"
basis at an exchange ratio calculated as the net asset value per unit of the
Fairway Fund divided by the net asset value per unit of the Crown Hill Fund,
determined as at the close of trading on the Toronto Stock Exchange on the
business day immediately prior to the Effective Date.
About JovFunds Management Inc. (www.jovfunds.com)
JovFunds provides innovative investment solutions for Canadians through
the creation, distribution and management of high quality investment products.
JovFunds manages and distributes approximately $2.5 billion of client assets
and is wholly owned by Jovian Capital Corporation.
About Jovian Capital Corporation (www.joviancapital.com)
Jovian acquires, creates and grows financial services companies
specializing in wealth and asset management. The Jovian group of companies
(MGI Securities Inc., MGI Securities (USA) Inc., MGI Financial Inc., BetaPro
Management Inc., Horizons Funds Inc., JovFunds Management Inc., JovFunds Inc.,
JovInvestment Management Inc., Leon Frazer & Associates Inc., T.E. Wealth and
Felcom Data Services Inc.) manages $12.0 billion of client assets ($5.0
billion in assets under management and $7.0 billion in assets under
administration). Additional information is available at www.joviancapital.com
About Crown Hill Capital Corporation (www.crownhill.ca)
Crown Hill is a financial services firm founded by a team of innovative
and experienced investment professionals. Crown Hill's business is to provide
its clients with innovative financial products that help enhance their
investment needs. It currently has two exchange traded funds under management,
Investment Grade Trust and Crown Hill Fund. Additional information is
available at www.crownhill.ca and www.sedar.com.
For further information:
For further information: Steve Hawkins, Managing Partner, JovFunds
Management Inc., (416) 601-2442; Don Sangster, Investor Relations, Jovian
Capital Corporation, (416) 933-5744; or Crown Hill Capital Corporation, (416)