TORONTO, March 28, 2014 /CNW/ - Redwood Asset Management Inc. ("Redwood") and Aston Hill Asset Management Inc. ("Aston Hill") are pleased to announce the results of the meeting of securityholders
(the "Meeting") of the Redwood Income Strategies Class (the "Fund") held on March 28, 2014. The Fund represents a class of shares of Ark
Mutual Funds Ltd. ("Ark Ltd").
At the Meeting, securityholders of the Fund approved the previously
announced proposed change of manager of the Fund from Redwood to Aston
Hill (the "Change of Manager"). The Change of Manager is expected to become effective on or about
April 15, 2014.
Securityholders of the Fund also approved the previously announced
transaction pursuant to which, and subsequent to the completion of the
Change of Manager, the Fund will be merged into Aston Hill Growth &
Income Fund (the "Continuing Fund"). As a result of the Merger, the securityholders of the Fund will
become securityholders of the Continuing Fund (the "Merger"). The Continuing Fund is a retail mutual fund structured as a trust
and managed by Aston Hill. The Merger is anticipated to benefit
securityholders of the Fund for a variety of reasons, including, as a
result of the Merger, an expected reduction in applicable fees. It is
anticipated that the Merger will be effective after the close of
business on or about April 15, 2014. Aston Hill is the portfolio
manager of the Fund and will remain as the portfolio manager for the
Aston Hill is a wholly-owned subsidiary of Aston Hill Financial Inc.
(TSX: AHF). Aston Hill Financial Inc. is a diversified asset management
company with a suite of retail mutual funds, closed end funds, private
equity funds, hedge funds and segregated institutional funds. Aston
Hill Financial Inc. has offices in Calgary, Toronto and Halifax.
This press release is for information purposes only and does not
constitute an offer to sell or a solicitation to buy the securities
referred to herein. This press release is not for dissemination in the
United States or for distribution to U.S. news wire services.
This news release contains certain "forward-looking statements". The
statements that are not historical facts contained in this press
release are forward-looking statements that involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements to be materially different from
any future results, performance or achievements expressed or implied by
the forward-looking statements. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue reliance
on forward-looking statements.
SOURCE: Aston Hill Asset Management Inc.
For further information:
Peter Shippen, President
Redwood Asset Management Inc.
Tel: (416) 304-6811
Fax: (416) 368-1608
Michael J. Killeen, President
Aston Hill Asset Management Inc.
Tel: (416) 583-2300