TORONTO, Nov. 15, 2011 /CNW/ - Aston Hill Asset Management Inc. (the
"Manager"), the manager of Aston Hill Global High Income Fund (the
"Fund", formerly called Navina/Lazard U.S. High Yield Bond Fund),
announced that it proposes to merge the Fund into Aston Hill Global
Convertible Bond Class and Aston Hill Global Convertible Bond Fund.
The merger will include the following key features:
Non-taxable unitholders of the Fund will become unitholders of Aston
Hill Global Convertible Bond Fund.
Taxable unitholders of the Fund (other than taxable unitholders resident
in Québec) will become shareholders of Aston Hill Global Convertible
Taxable unitholders of the Fund resident in Québec will become
unitholders of Aston Hill Global Convertible Bond Fund.
The merger will not be implemented on a tax-deferred basis as the Fund
will complete its forward transaction prior to implementing the
merger. It is currently expected that the merger will result in
unitholders receiving a capital gain of approximately $0.71 per Class A
unit and $0.91 per Class F unit, or approximately 7.6% and 9.5%,
respectively, of the Class A and Class F net asset values per unit.
Class A and F unitholders of the Fund will become Series Y and F
investors, respectively, in the Continuing Funds which have the same or
lower management fees than the Fund.
As a result of the merger, unitholders will obtain exposure to a more
broadly diversified investment portfolio with the benefit of a lower
management expense ratio achieved through lower costs and economies of
Implementation of the merger is subject to receipt of all necessary
unitholder and regulatory approvals. A special meeting of the
unitholders of the Fund will be held on December 20, 2011 to approve
the merger and, if all required approvals are obtained, the merger is
expected to be implemented on or shortly after December 20, 2011.
Additional information concerning the Continuing Funds is available at www.astonhill.ca and www.sedar.com. Additional information concerning the merger will be contained in the
materials sent to unitholders of the Fund in connection with the
upcoming special meeting.
About Aston Hill
The Manager, Aston Hill Investments Inc. and Aston Hill Management
Limited are wholly-owned subsidiaries of Aston Hill Financial Inc.
(TSX: AHF). Aston Hill Financial 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. It is
also engaged in oil and gas property management. Aston Hill Financial
has offices in Calgary and Toronto.
SOURCE Aston Hill Financial Inc.
For further information:
Michael J. Killeen
Aston Hill Asset Management Inc.