MONTREAL, June 2 /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 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 was successfully initiated on June 1, 2010 and will be completed by Friday, June 4, 2010.
Pursuant to the Merger, unitholders of the Fund 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 will distribute $0.60 per annum representing an annual distribution of 6% based on the $10 per series X unit issue price, which corresponds to a revised regular monthly distribution of $0.05 per series X unit to unitholders of record as of the last business day of each month. The initial distribution will be paid to series X unitholders of record as at June 30, 2010.
The implementation of the operational steps of the Merger will be completed on Friday June 4, 2010. Upon completion, 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 Funds Management LP
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