MISSISSAUGA, ON, July 7, 2016 /CNW/ - Smart Investments Ltd. is pleased to announce that over the next few months it will be acquired by a company that will be controlled Loren Samuel Greenspoon, the firm's current CEO and UDP. In connection with the acquisition, Mr. Greenspoon intends to focus primarily on individually managed accounts and other alternative opportunities.
Smart Investments Ltd. is the manager and trustee of the Smart Canadian Index Fund, Smart US Index Fund, Smart Global Index Fund, Smart Hong Kong Fund, Smart Emerging Market Fund and the Smart NA Dividend Index Fund (the "Funds"). Today the firm announced that the decision has been made to terminate the Funds once applicable notice has been provided to unitholders. The Manager anticipates that the termination of the Funds will occur on or about September 5, 2016 (the "Termination Date"). Accordingly, no further subscriptions of units of the Funds will be accepted from the date of this notice. Unitholders will continue to have the right to redeem their units in the Fund prior to the Termination Date.
Commencing on the date of this notice, the Manager shall commence the sale of all non-cash assets of the Funds, and shall endeavour to ensure that the assets of the Funds are converted to cash prior to the Termination Date. As soon as all assets of the Funds have been converted to cash and the proceeds held with the Funds' custodian, the Manager shall distribute to unitholders of record as of the Termination Date their proportionate share of all property and assets of the Funds available for distribution through the final redemption of all outstanding units of the Funds.
To the extent that Smart Investments is unable to locate certain unitholders, the redemption proceeds will be held in trust for such unitholders until they contact Smart Investments to arrange for payment.
In accordance with applicable securities legislation and the Funds' constating documents, the unitholders of the Funds were provided with 60 days' prior written notice of the termination. The Manager's registration in the category of Investment Fund Manager will be suspended following the Termination Date.
All units not redeemed prior to the Termination Date will be automatically redeemed at that time. It is anticipated that payment of the redemption proceeds resulting from the final redemption will be made as soon as practicable following the Termination Date to the beneficial holders of units by cheque or through their dealer of record. Unitholders need not take any action to receive the payment.
SOURCE Smart Investments Ltd.
For further information: Loren Greenspoon, Chief Executive Officer of Smart at 905-815-6902