MONTREAL, May 31 /CNW/ - O'Leary Funds Management LP, the manager and trustee (the "Manager") of O'Leary Global Infrastructure Fund (TSX: OGN.un) (the "Fund") is pleased to announce that it intends to pay out a special distribution of $0.625818 per trust unit ("Unit") in addition to the monthly distribution of $0.06 per Unit to unitholders of record of the Fund on May 31, 2010. The combined special and monthly distributions are expected to be paid on or before June 15, 2010. This special distribution is derived from realized capital gains on investments as well as other realized income sources generated by the Fund during the period from January 1, 2010 through May 31, 2010.
The Manager further confirms that the merger (the "Merger") of the Fund with O'Leary Global Infrastructure Yield Fund (the "Mutual Fund") which is an open-ended mutual fund trust managed by the Manager will be implemented on June 1, 2010. Pursuant to the Merger, unitholders of the Fund will receive 1.098816 series X units of the Mutual Fund in exchange for each unit of the Fund which they held on May 31, 2010 based on an exchange ratio of 1.098816:1. The exchange ratio was determined by the Manager with reference to NAV per unit of the Fund as at close of business on May 31, 2010 and an initial issue price of $10 per one series X unit of the Mutual Fund.
The Mutual Fund's objectives are to generate income and long-term capital growth by investing primarily in common equity and fixed income securities issued by global infrastructure issuers. The Mutual Fund is not limited to how much it can invest or keep invested in a country or sector. This will vary according to market conditions. Series X units of the Mutual Fund pay an annual management fee of up to 1.50% to the Manager (annual rate of trailing commission of up to 0.40%).
The Mutual Fund will pay regular distributions of $0.06 per series X unit to unitholders of record as of the last business day of each month.
Subscriptions for additional investments and redemptions of the Mutual Fund can be made via FundSERV.
More information about the Mutual Fund's investment strategies and fees and expenses is set out in the Mutual Fund's simplified prospectus which is available on SEDAR at www.sedar.com and the Manager's website www.olearyfunds.com.
SOURCE O'LEARY GLOBAL INFRASTRUCTURE FUND
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