TORONTO, Feb. 6, 2017 /CNW/ - Excel Funds Management Inc. ("Excel Funds") today announced its intention to merge Excel Billionaire Leaders Fund into Excel Blue Chip Equity Fund and Excel Latin America Fund into Excel Emerging Markets Fund, subject to obtaining all the necessary unitholder and regulatory approvals. If approved, the mergers will be effective on or about March 30, 2017.
If the proposed mergers are approved, unitholders of each series of the Excel Billionaire Leaders Fund and Excel Latin America Fund will receive securities of the equivalent series of Excel Blue Chip Equity Fund and Excel Emerging Markets Fund, respectively, determined on a dollar-for-dollar basis. Units of the Excel Billionaire Leaders Fund and Excel Latin America Fund will no longer be offered for sale after the close of business today. In addition, Pre-authorized Chequing Plans established for purchases of units of Excel Billionaire Leaders Fund and Excel Latin America Fund will be immediately transferred to the equivalent series of units of Excel Blue Chip Equity Fund and Excel Emerging Markets Fund, respectively. Excel Billionaire Leaders Fund and Excel Latin America Fund will be wound up as soon as possible following the mergers.
Unitholder approvals for Excel Billionaire Leaders Fund and Excel Latin America Fund will be sought at special meetings to be held on or about March 24, 2017. In advance of the meetings, full details of the proposed mergers will be set out in a notice of meeting that will be sent to unitholders of record on or about February 27, 2017. The notice of meeting and management information circular will also be available on SEDAR at www.sedar.com.
The Independent Review Committee of each of Excel Billionaire Leaders Fund, Excel Latin America Fund, Excel Blue Chip Equity Fund and Excel Emerging Markets Fund has reviewed the potential conflict of interest matters related to the proposed mergers and has provided Excel Funds, the manager of the funds, with a positive recommendation for the mergers after determining that the mergers, if implemented, would achieve a fair and reasonable result for the unitholders of the funds.
Excel Funds encourages unitholders of the funds 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 is a multiple Lipper Award winner specializing in emerging markets. Founded in 1998 with the launch of the Excel India Fund, the largest and longest-running India-focused mutual fund in Canada, Excel Funds has become a true leader in the emerging markets investment space by offering a wide-range of innovative investment products that capture new growth opportunities.
Leveraging a best-in-class investment team and an unrivalled network of sub-advisers, Excel Funds has access to the knowledge base of over 500 local portfolio managers and 200 analysts around the world. Its on-the-ground sub-advisers and proprietary asset allocation models contribute to the firm being recognized as "The Authority in Emerging Markets". For further information, please contact your financial advisor, call our investor relations line at 1-888-813-9813 or visit our website at www.excelfunds.com.
SOURCE Excel Funds Management Inc.
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