TORONTO, March 17, 2014 /CNW/ - Propel Capital Corporation (the
"Manager"), as Manager of the Propel Multi-Strategy Fund (the "Fund"),
announced today the intention to terminate the Fund. The decision was
made to terminate the Fund following receipt of the most recent annual
redemption requests. As a result of redemptions, the net asset size of
the Fund has been reduced to a level below which, in the opinion of the
Manager, it is no longer economically feasible to continue the Fund and
it would be in the best interest of the unitholders to terminate the
Fund. The Manager anticipates that the Fund's termination will occur on
or about April 30, 2014 (the "Termination Date").
The Fund will deliver its common share portfolio to the counterparty in
connection with final settlement of the forward agreement. Following
the settlement of the forward agreement and, after all liabilities have
been satisfied or provided for, the Fund will distribute in cash the
net assets of the Fund to unitholders on a pro rata basis based on the
net asset value per unit on or about the Termination Date.
Unitholder redemption rights are not affected by the termination of the
Fund. Unitholders who properly surrendered units for redemption on
March 31, 2014 will be paid the annual redemption amount (to be
determined on March 31, 2014) on or about April 18, 2014.
Unitholders will continue to have the right to redeem their units in the
Fund prior to the Termination Date. All units not redeemed prior to the
Termination Date will be automatically redeemed at that time. The net
assets of the Fund will be distributed pro rata to the remaining
unitholders of the Fund who are unitholders of record on the
Payment is expected to be made as soon as practicable following the
Termination Date. Unitholders need not take any action to receive the
This press release constitutes notice to unitholders of the Fund of
termination of the Fund pursuant to the Fund's declaration of trust.
SOURCE: Propel Multi-Strategy Fund
For further information:
please call Krista Matheson, Senior Vice President, Propel Capital at 416-572-2431 or visit www.propelcapital.ca.