TORONTO, Sept. 23, 2016 /CNW/ - Scotia Managed Companies Administration Inc. (the "Manager"), the trustee and manager of Anchor Managed Defensive Income Fund, Anchor Managed Dividend Growth Fund and Anchor Managed High Income Fund (collectively, the "Funds"), announced today that it has decided to terminate and wind up the Funds and accordingly all of the outstanding Class A units, Class F units, Verus Class A Units and Verus Class F units (collectively, the "Units") of the Funds will be redeemed on or about November 30, 2016 (the "Termination Date").
Under the Funds' Master Declaration of Trust dated August 17, 2012, the Manager may, in its discretion, terminate the Funds without the approval of unitholders. While the Funds have performed as expected, the Funds have not attracted the level of assets that both the Manager and the portfolio manager of the Funds had originally anticipated at the time the Funds were launched and accordingly, the Manager has determined that the Funds should be wound up.
Prior to the Termination Date, the portfolio manager will sell and convert all of the assets and property of the Funds to cash. On the Termination Date, all assets and property remaining after the Manager pays and/or discharges all of the liabilities and obligations of each Fund will be distributed amongst the unitholders of the applicable Fund on a pro-rata basis.
The costs and expenses associated with the wind-up and termination of the Funds will be reflected in the net asset value per Unit of each Fund commencing September 23, 2016, so that all unitholders will share in the costs and expenses thereof, whether they choose to redeem prior to, or hold their Units until, the Termination Date.
SOURCE Anchor Managed Defensive Income Fund
For further information: Investor Relations, Scotia Managed Companies Administration Inc., Trustee of: Anchor Managed Defensive Income Fund, Anchor Managed Dividend Growth Fund, Anchor Managed High Income Fund, Tel: (416) 945-5255, Email: [email protected], Web site: www.scotiamanagedcompanies.com