MONTREAL, Feb. 15, 2013 /CNW Telbec/ - Landry Investment Management Inc. announced today the following changes:
New Chief Financial Officer
Effective February 15, 2013, Kit Dalaroy is appointed as Chief Financial Officer of Landry Investment Management Inc.; Benoit Perraton Brillon, who previously held this position, remains the Chief Investment Officer of the firm.
Changes in Directorship
Effective February 15, 2013, Mrs. Colette Bournival, Messrs. Nathan Bossen and Germain Carrière stepped down as directors of Landry Investment Management Inc., while Mr. Pierre Simard joined the board, as well as Messrs. Benoit Perraton Brillon, the firm's Chief Investment Officer, and Frederick T. Pye, Vice President at Landry Investment Management Inc.
"I would like to thank Nathan Bossen, Germain Carrière and Colette Bournival for their contribution and commitment to the firm over the past few years. Mrs. Bournival will serve as Secretary of the firm and remains the firm's Vice President, Private Management and Chief Compliance Officer." stated Jean-Luc Landry, Chairman and Chief Executive Officer of Landry Investment Management Inc.
Change in Names and Redesignation of Certain Classes of Units
As of the date of the next renewal prospectus of the Landry Morin Funds, which should be on or about April 5, 2013 (the "Effective Date") (i) the Class B Units of the Landry Morin Canadian Dividend Plus Fund (the "Dividend Plus Fund") will be renamed as Class A Units and (ii) the Class G Units of the Dividend Plus Fund will be renamed as Class F Units.
On the Effective Date (i) the Class B Units of each of the Landry Morin Canadian Momentum Fund, Landry Morin World Momentum Fund and Landry Morin U.S. Momentum Fund (the "Momentum Funds") will be redesignated as Class A Units and (ii) the Class G Units of each of the Momentum Funds will be redesignated as Class F Units.
In connection with the aforementioned changes: (i) unitholders will receive units of the same value; (ii) the management fee of the new Class A Units or Class F Units will be less than that of the Class B Units or Class G Units; (iii) except for the lower management fee, the Class A Units and the Class F Units have the same rights and attributes as the Class B Units and the Class G Units; (iv) these changes will be effected at no cost to unitholders of the Dividend Plus Fund and the Momentum Funds; (v) no change should be considered a disposition for tax purposes; (vi) the sales charge and commissions payable to dealers and brokers, if any, will remain the same; and (vii) there will be no modification to any of the Funds' investment objectives or strategies.
Change of Name of the Dividend Plus Fund and the Momentum Funds (the "Funds")
On the Effective Date, the Funds will change names, which new names will be aligned with the name of the portfolio manager and investment fund manager of the Funds and, for certain Funds, the new names will provide improved clarity and better reflect their mandates. The changes to the names of the Funds are set out in the table below:
|Existing name||New name|
|Landry Morin Canadian Momentum Fund||Landry Canadian Equity Fund|
|Landry Morin World Momentum Fund||Landry Global Equity Fund|
|Landry Morin U.S. Momentum Fund||Landry U.S. Equity Fund|
|Landry Morin Canadian Dividend Plus Fund||Landry Canadian Dividend Plus Fund|
About Landry Investment Management Inc.
Landry Investment Management is the investment fund manager of the Landry Morin Family of funds. The firm also offers discretionary portfolio management to private clients, pension funds, foundations and endowment funds. Landry Investment Management is regulated by the Autorité des marchés financiers.
SOURCE: Landry Investment Management Inc.
For further information:
Chairman and Chief Executive Officer
Landry Investment Management Inc.
Tel.: (514) 985-1138, ext. 205