TORONTO, July 31, 2018 /CNW/ - Dynamic Venture Opportunities Fund Ltd. (the "Fund") announced today that the Board of Directors of the Fund has approved the entering into by 1832 Asset Management L.P. ("1832 LP"), the current investment fund manager and portfolio manager of the Fund, and B.E.S.T. Investment Counsel Limited ("BEST") of an Acquisition Agreement (the "Agreement") providing for the acquisition by BEST of the management, services and principal distribution contracts of the Fund from 1832 LP (the "Transaction"). Upon closing of the Transaction, BEST will become the investment fund manager, portfolio manager and principal distributor of the Fund.
The Board of Directors of the Fund has approved the Transaction as being in the best interests of the Fund and its shareholders. None of the costs of the Transaction will be borne by the Fund.
The closing of the Transaction, which is expected to occur in the fall of 2018, is subject to a number of conditions precedent, including receipt of the required regulatory and shareholder approvals and the satisfaction or waiver of other customary closing conditions. Following closing and subject to obtaining the required shareholder approvals, the name of the Fund will be changed to "B.E.S.T. Venture Opportunities Fund Inc." and the custodian of the Fund will be changed from State Street Trust Company Canada to CIBC Mellon Trust Company.
Shareholders of the Fund will be asked to approve, as applicable, the change of manager of the Fund, the change of the name of the Fund and the change of the custodian of the Fund at a special meeting of shareholders of the Fund (the "Special Meeting") to be held in the fall of 2018. The date, time and location of the Special Meeting and details regarding the above changes will be set out in the notice of meeting and other meeting materials to be mailed to shareholders of the Fund. These details will also be made available in the materials to be posted under the Fund's profile at www.sedar.com.
B.E.S.T. Investment Counsel Limited, established in 1998, is experienced in raising, investing and managing venture capital and venture debt for companies in emerging sectors. BEST also has substantial experience managing public equity and fixed income securities. BEST currently manages B.E.S.T. Total Return Fund Inc. a labour sponsored investment fund corporation formed in 2003 and has been the manager and investment advisor of two other mutual funds. BEST works closely with founders, entrepreneurs and its network of business partners to meet the challenges faced by growing Canadian companies.
About 1832 LP
1832 Asset Management L.P. offers a range of wealth management solutions, including mutual funds, investment solutions for private clients, institutional clients and managed asset programs. 1832 Asset Management L.P. is a limited partnership, the general partner of which is wholly owned by The Bank of Nova Scotia.
Forward-Looking Statements: This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management of the Fund or its manager at the date the statements are made, and are subject to a variety of risk and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Forward-looking statements and information contained in this news release include the statements relating to the closing of the Transaction, the timing of such closing, the timing of the Special Meeting, and the proposed changes of the manager, the custodian and the name of the Fund.
SOURCE Dynamic Funds
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