MISSISSAUGA, ON, Sept. 27, 2012 /CNW/ - Excel Funds Management Inc. today announced a proposed merger of one of its mutual funds.
Proposed Fund Merger
Subject to obtaining all necessary securityholder and regulatory approvals, Excel Funds Management Inc. proposes that Excel Income and Growth Fund be merged into Excel EM High Income Fund. If approved, the merger will be effective in November 2012.
If the proposed merger is approved, securityholders of each series of Excel Income and Growth Fund will receive securities of the equivalent series of Excel EM High Income Fund, determined on a dollar-for-dollar basis. Securities of Excel Income and Growth Fund will no longer be offered for sale beginning September 28, 2012, except for securities being sold under Pre-Authorized Chequing Plans. Excel Income and Growth Fund will be wound up as soon as possible following the merger.
Securityholder approval for Excel Income and Growth Fund will be sought at a special meeting to be held on or about November 2, 2012. In advance of the meeting, full details of the proposed merger will be set out in a notice of meeting and a management information circular that will be sent to securityholders of record as at October 3, 2012. The notice of meeting and management information circular will also available on SEDAR at www.sedar.com.
The Independent Review Committee of each of Excel Income and Growth Fund and Excel EM High Income Fund has reviewed the potential conflict of interest matters related to the proposed merger and has provided Excel Funds Management Inc., the manager of the funds, with a positive recommendation for the merger after determining that the merger, if implemented, achieves a fair and reasonable result for the funds.
Excel Funds Management Inc. encourages securityholders to contact their financial advisor to determine the solution that best meets their individual investment needs and circumstances.
About Excel Funds Management Inc.
Excel Funds Management Inc. (Excel Funds) is a multiple Lipper Award winning company, and Canada's only emerging markets focused mutual fund provider. Pioneering emerging markets investing over 14 years ago, they have been partnering exclusively with best in class, on-the-ground portfolio managers that bring Canadian investors firsthand insight and expertise in these flourishing economies. Excel Funds has the most number of funds focused on the emerging markets and through these, investors gain early exposure to companies positioned to become future leaders in some of the world's fastest growing markets. Excel Funds maintains a highly ranked fund family that is focused on emerging market growth opportunities.
SOURCE: Excel Funds Management Inc.
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