MONTREAL, March 27, 2012 /CNW Telbec/ - O'Leary Funds Management LP, the manager and trustee (the "Manager") of O'Leary Canadian High Income Fund ("OCY") and O'Leary Canadian Equity Income Fund ("OCZ" and together with OCY, the "Funds") is pleased to announce that the merger (the "Merger") of OCZ into OCY was completed, effective March 26, 2012. As a result of the Merger, which was completed on a tax-deferred basis, unitholders of record of each of the Funds on the close of business on March 23, 2012 are receiving a special distribution derived from realized capital gains on investments as well as other realized income sources generated by the Funds during the period from January 1, 2012 through March 23, 2012. The amount of the special distribution per unit, per series, was paid on March 26, 2012, and is as follows:
|Special Distribution per Unit|
|OCY - Series A||$0.032863|
|OCY - Series F||$0.118648|
|OCY - Series M||no units outstanding|
|OCY - Series X||$0.118303|
|OCZ - Series A*||-|
|OCZ - Series F||$0.006544|
|OCZ - Series M||$0.048726|
|OCZ - Series X||$0.003246|
* Units of Series A of OCZ did not receive a distribution as realized income did not exceed year to date distributions for that series.
In addition, pursuant to the Merger, unitholders of OCZ, the merged fund, will receive 0.991234176 series A units (exchange ratio of 0.991234176:1), 1.028429009 series F units (exchange ratio of 1.028429009:1), 1.038778354 series M units (exchange ratio of 1.038778354:1), and 0.981735483 series X units (exchange ratio of 0.981735483:1) of OCY in exchange for each unit of the same series of OCZ which they held on March 23, 2012 based on the exchange ratios indicated above. The exchange ratios were determined by the Manager with reference to net asset value per unit of each of the Funds as at the end of business on March 23, 2012. Pursuant to the Merger, all of the assets of OCZ were transferred to OCY and consequently OCZ will be wound up and terminated.
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