First Asset Announces Unit Consolidation of First Asset Global Financial Sector ETF
30 Jun, 2016, 18:00 ET
/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./
TORONTO, June 30, 2016 /CNW/ - First Asset Investment Management Inc. ("First Asset"), the Manager and Trustee of First Asset Global Financial Sector ETF (TSX: FSF) (the "First Asset ETF") announced today that it intends to consolidate the units (the "Units") of the First Asset ETF as described below (the "Consolidation").
After the close of trading on the Toronto Stock Exchange (the "TSX") on Friday, July 15, 2016, the Units of the First Asset ETF will be consolidated on the basis of one post-Consolidation Unit for every two pre-Consolidation Units (the "Consolidation Ratio"), and such Units will begin trading on a post-Consolidated basis on Monday, July 18, 2016, the effective date of the Consolidation.
Following the Consolidation, the net asset value per Unit will be increased by the same ratio as the Consolidation Ratio, such that the Consolidation will have no impact on the value of an investor's aggregate holding of Units. Similarly, an investor's cost per Unit is also increased by the same ratio as the Consolidation Ratio, however investors will hold fewer Units, so the aggregate cost of an investor's Units will remain the same.
No fractional Units will be issued in the Consolidation. Where the Consolidation would result in a fractional Unit, the number of post-Consolidation Units will be rounded down to the nearest whole post-Consolidation Unit in the case of a fractional interest that is less than 0.5, or rounded up to the nearest whole post-Consolidation Unit, in the case of a fractional interest that is 0.5 or greater.
Unitholders are not required to take any action in connection with the Consolidation.
First Asset – Smart SolutionsTM
First Asset, a CI Financial Company, is a Canadian investment firm delivering a comprehensive suite of smart ETF solutions. Rooted in strong fundamentals, First Asset's smart solutions strive to deliver better risk-adjusted returns than the broad market, while helping investors achieve their personal financial goals.
Please read the prospectus before investing. Important information about the First Asset ETF is contained in its prospectus. Individuals should seek the advice of professionals, as appropriate, prior to investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses all may be associated with an investment in ETFs. First Asset ETFs are managed by First Asset Investment Management Inc., a subsidiary of First Asset Capital Corp. (FA Capital). ™First Asset and its logo are trademarks of FA Capital, a wholly owned subsidiary of CI Financial Corp. which is listed on the Toronto Stock Exchange under the symbol "CIX". ®CI FINANCIAL is a registered trademark of CI Investment Inc., used under license.
SOURCE First Asset
For further information: please call Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.
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