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TORONTO, June 27, 2019 /CNW/ - BMO Advantaged Equal Weight Banks TACTIC™ Fund, BMO Advantaged Equal Weight Oil & Gas TACTIC™ Fund, BMO Advantaged Laddered Preferred Share TACTIC™ Fund, and BMO Advantaged S&P/TSX Capped Composite TACTIC™ Fund (each, a "Fund" and collectively, the "Funds") announced today that BMO Nesbitt Burns Inc. (the "Manager"), the manager of the Funds, has decided to terminate the Funds on September 27, 2019 or as soon as practicable after such date. As previously announced on March 20, 2019, the Funds would be impacted by certain amendments to the Income Tax Act (the "Tax Act") proposed by the Minister of Finance in the Federal Budget on March 19, 2019.
As a result of the proposed changes to the Tax Act, the Manager believes that it is no longer commercially feasible to continue the Funds and that it is in the best interests of shareholders of each of the Funds ("Shareholders") to terminate the Funds.
In accordance with applicable law, the Manager may, in its discretion, on 60 days' notice to Shareholders, terminate the applicable Fund. Upon termination, following the conversion of the assets of the applicable Fund to cash, and the satisfaction of, or provision for, all liabilities of the applicable Fund, the shares of the applicable Fund will be redeemed and the net assets distributed to Shareholders in payment of the redemption price based on the number and class of shares held whereupon the applicable Fund will terminate.
BMO Capital Markets
SOURCE BMO Nesbitt Burns Inc.
For further information: please contact BMO Capital Markets at 1.866.864.7760 (English) or 1.866.529.0017 (French).