MISSISSAUGA, ON, Sept. 27, 2012 /CNW/ - Excel Funds Management Inc.
today announced a proposed merger of one of its mutual funds.
Proposed Fund Merger
Subject to obtaining all necessary securityholder and regulatory
approvals, Excel Funds Management Inc. proposes that Excel Income and
Growth Fund be merged into Excel EM High Income Fund. If approved, the
merger will be effective in November 2012.
If the proposed merger is approved, securityholders of each series of
Excel Income and Growth Fund will receive securities of the equivalent
series of Excel EM High Income Fund, determined on a dollar-for-dollar
basis. Securities of Excel Income and Growth Fund will no longer be
offered for sale beginning September 28, 2012, except for securities
being sold under Pre-Authorized Chequing Plans. Excel Income and Growth
Fund will be wound up as soon as possible following the merger.
Securityholder approval for Excel Income and Growth Fund will be sought
at a special meeting to be held on or about November 2, 2012. In
advance of the meeting, full details of the proposed merger will be set
out in a notice of meeting and a management information circular that
will be sent to securityholders of record as at October 3, 2012. The
notice of meeting and management information circular will also
available on SEDAR at www.sedar.com.
The Independent Review Committee of each of Excel Income and Growth Fund
and Excel EM High Income Fund has reviewed the potential conflict of
interest matters related to the proposed merger and has provided Excel
Funds Management Inc., the manager of the funds, with a positive
recommendation for the merger after determining that the merger, if
implemented, achieves a fair and reasonable result for the funds.
Excel Funds Management Inc. encourages securityholders to contact their
financial advisor to determine the solution that best meets their
individual investment needs and circumstances.
About Excel Funds Management Inc.
Excel Funds Management Inc. (Excel Funds) is a multiple Lipper Award
winning company, and Canada's only emerging markets focused mutual fund
provider. Pioneering emerging markets investing over 14 years ago, they
have been partnering exclusively with best in class, on-the-ground
portfolio managers that bring Canadian investors firsthand insight and
expertise in these flourishing economies. Excel Funds has the most
number of funds focused on the emerging markets and through these,
investors gain early exposure to companies positioned to become future
leaders in some of the world's fastest growing markets. Excel Funds
maintains a highly ranked fund family that is focused on emerging
market growth opportunities.
SOURCE: Excel Funds Management Inc.
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