REGINA, Nov. 27, 2015 /CNW/ - SaskWorks Venture Fund Inc. ("SaskWorks" or the "Fund") has announced that its board of directors has called a special meeting of shareholders (the "Meeting") to, among other things, consider and, if thought advisable, pass a special resolution authorizing the Fund to amend its articles to allow for the issuance of both Class A and Class A-R Shares in series (the "Proposed Amendment"). The Proposed Amendment will allow the Fund to re-designate the existing Class A shares as Class A – Series A Shares and the existing Class A-R Shares as Class R – Series A Shares. In addition, each of the Class A and Class R Classes of shares shall offer for purchase Series F shares (the "Series F Shares") which are intended for fee-based accounts and will therefore not pay a selling commission or trailing commission to sub-agents of the Fund.
The Proposed Amendment will be voted upon by shareholders of the Fund at the annual general and special meeting of shareholders to be held on December 18th, 2015. The Fund also requires approval to amend its articles from the Ministry of the Economy of Saskatchewan. Prior to the issuance of shares in series, the Fund will also be required to issue an amendment to its Prospectus. Should these, and all other necessary approvals be received, the Fund anticipates offering the Series F Shares to Saskatchewan residents as early as January 1st, 2016.
SaskWorks Venture Fund is a Saskatchewan-based retail mutual fund that invests in small- and medium-sized private businesses. Established in 2001, SaskWorks has more than 27,750 shareholders and over $397 million in assets under management.
SOURCE SaskWorks Venture Fund Inc.
For further information: please contact SaskWorks' investor relations team at (306) 791-2113