TORONTO, June 21 /CNW/ - Fairway Advisors Inc., the manager of Long
Reserve Life Resource Fund ("Long Reserve"), Deans Knight Income and Growth
Fund ("Deans Knight"), Fairway Investment Grade Income Fund ("Fairway
Investment"), Nuveen Senior Floating Rate Income Fund ("Nuveen"), Global
Preferred Securities Trust ("Global Preferred"), Fairway Diversified Income
and Growth Trust ("Fairway Diversified") (each individually, a "Fund", or
collectively, the "Funds") announce that the unitholders of the Funds
(collectively, "Securityholders"), as applicable, considered various proposals
and the voting results for each were as follows:
1. Fund Mergers: Global Preferred, Fairway Investment and Fairway
Diversified: Securityholders of Global Preferred, Fairway Investment
and Fairway Diversified approved the merger of Global Preferred and
Fairway Investment into Fairway Diversified. The merger will be
effective as at the close of business on June 29, 2007. Subject to
any necessary regulatory approvals, including consent of the Toronto
Stock Exchange, Securityholders of Global Preferred and Fairway
Investment will be issued units of Fairway Diversified based on the
closing net asset value on June 29, 2007 of the respective Fund.
2. Issuance of Additional Securities for each Fund: Securityholders of
each Fund other than Nuveen approved an amendment to its respective
declaration of trust to permit the issue of securities at a price per
security that is less than the net asset value per security at such
time. Securityholders of Nuveen did not approve this same amendment.
3. Authority to Convert to an Open-Ended Mutual Fund for each Fund:
Securityholders of each Fund approved an amendment to its respective
declaration of trust granting the manager the authority to convert
the Fund to an open-ended mutual fund if the Fund's units trade at a
discount to net asset value over a specified time period.
4. Additional Redemption Right for each Fund: Securityholders of each
Fund other than Nuveen approved an amendment to its respective
declaration of trust to permit unitholders to switch to other
investment vehicles administered, managed, sponsored or promoted by
the manager of the Funds or an affiliate of the manager and offered
to the public by prospectus, by adding a further redemption right at
100% of the net asset value per unit. Securityholders of Nuveen did
not approve this same amendment.
5. Termination of the Fund by the Manager: Securityholders of each Fund,
other than Nuveen and Long Reserve approved an amendment to their
respective declaration of trust to permit the manager to terminate
the Fund without Securityholder approval if, in its opinion, it is no
longer economically practical for the Fund to continue, or if it
determines that it would be in the best interests of the
Securityholders to terminate the Fund. The declaration of trust of
each of Nuveen and Long Reserve already provide this discretion.
6. Allocation of Realized Capital Gains to Redeeming Unitholders of
Fairway Diversified: Securityholders of Fairway Diversified approved
an amendment to its declaration of trust to permit the trustee or the
manager to designate as payable to redeeming unitholders capital
gains realized by Fairway Diversified in connection with the
disposition of portfolio securities required in order to fund the
7. Payment of Management Fee in Units: Securityholders of each Fund
other than Deans Knight, Fairway Investment and Nuveen approved an
amendment to their respective declarations of trust to permit the
management fees to be paid in either units or cash and, if in units,
to a total maximum amount of 100,000 units, at the manager's
discretion. The declarations of trust for Deans Knight and Fairway
Investment already permit such action. Securityholders of Nuveen did
not approve this same amendment.
8. Amendment to Investment Restrictions/Investment Strategy for Deans
Knight and Fairway Diversified: Securityholders of Deans Knight and
Fairway Diversified approved an amendment to their respective
declarations of trust to amend the investment restrictions and
investment strategy, including lowering the amounts required to be
invested in income trusts, and certain other changes more
particularly described in the management information circular for the
9. Amendment to Investment Restrictions for each Fund: Securityholders
of each Fund approved an amendment to their respective declarations
of trust to remove or amend certain investment restrictions which no
longer apply due to changes in applicable tax legislation.
"We are very pleased with the results of the meeting and expect to
complete the mergers before the end of the month," said Steve Hawkins, CEO and
Managing Partner of Fairway Advisors Inc.
All amendments to the declarations of trust and the mergers remain
subject to receipt of all necessary regulatory approvals, including consent of
the Toronto Stock Exchange.
About the Manager
Fairway Advisors Inc. is the manager and trustee for a range of exchange
traded investment funds and falls within the oversight of JovFunds Management
Inc., a wholly-owned subsidiary of Jovian Capital Corporation.
About JovFunds Management Inc.
JovFunds is a nationally run financial services organization which
provides innovative investment solutions for Canadians through the creation,
management and distribution of high quality investment products. As a member
of the Jovian Group of Companies, JovFunds oversees the management and
distribution of a diverse range of mutual funds, structured products and
alternative investments with assets in excess of $1.2 billion.
About Jovian Capital Corporation
Jovian is a publicly-traded company listed on the TSX Venture Exchange
(JVN). Jovian is a management and holding company with interests in a variety
of financial service firms specializing in wealth(*) and asset(xx) management.
The Jovian group of companies operates as a national financial services
organization with approximately $14.0 billion of client assets ($4.9 billion
in assets under management and $9.1 billion in assets under administration).
(*) Wealth management entities include Convoy Capital Corporation,
JovFunds Inc., MGI Securities Inc., MGI Securities (USA) Inc. and
Rice Financial Group Inc. (xx) Asset management entities include
Accumulus Management Ltd., BetaPro Management Inc., Charterhouse PSI
Management Corporation, DOCP Management Corp., Horizons Funds Inc.,
JovInvestment Management Inc., JovFunds Management Inc., Jovian Asset
Management Inc., Leon Frazer & Associates Inc., Pescara Partners
Inc., Taliesin Capital Inc., T.E. Wealth. Financial corporate service
entities include Felcom Data Services Inc. and Services Felcom Data
(Quebec) Inc./Felcom Data Services (Quebec) Inc.
For further information:
For further information: Don Sangster, Investor Relations, Jovian
Capital Corporation, (416) 933-5744; or Steve Hawkins, Managing Partner,
Fairway Advisors Inc., (416) 601-2442; Additional information about Fairway is
available at www.fairwaycapital.com; Additional information relating to Jovian
is available at www.sedar.com and www.joviancapital.com