TORONTO, June 11, 2013 /CNW/ - R.N. Croft Financial Group Inc. ("CFG") in its capacity as manager of the following share classes of Portfolio
Index Evolution Corporation (the "Corporation"): Class A-1 Income, Class B-1 Canadian Equity, Class C-1 U.S. Equity,
Class D-1 International Equity, Class E-1 Emerging Markets Equity and
Class F-1 Alternative Strategies (each, a "PIE Fund" and collectively, the "PIE Funds") today announced that it has terminated the PIE Funds.
On August 15, 2012, CFG announced that it had entered into an agreement
with Pro-Financial Asset Management Inc. ("PFAM") pursuant to which PFAM would assume the management of the Corporation
and the PIE Funds (the "Transaction"). The Transaction was subject to regulatory approval and approval of
the shareholders of the PIE Funds. Shareholder approval for the
Transaction was obtained at a duly called special meeting of
shareholders on September 26, 2012. As of March 30, 2013, the PIE Funds
were no longer being offered and regulatory approval for the
Transaction had not been granted.
In light of the regulatory approval not being obtained for the
Transaction and the resulting lapse of the PIE Funds offering
documents, CFG announced on April 8, 2013 that CFG will terminate the
PIE Funds as of June 10, 2013. CFG shareholders were provided with 60
days notice of the termination on April 10, 2013, in accordance with
applicable securities legislation, the offering documents of the PIE
Funds and the constating documents of the Corporation.
As of June 10, 2013, all outstanding shares of the PIE Funds have been
About R.N. Croft Financial Group Inc.
CFG is a boutique portfolio management company, providing fully
customized discretionary asset management to discriminating investors.
The firm's investment approach combines low cost tax-efficient indexed
investment strategies, with targeted active management, and
sophisticated options techniques to maximize client returns at any risk
SOURCE: R.N. Croft Financial Group Inc.
For further information:
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R.N. Croft Financial Group Inc.
218 Steeles Ave East