MONTREAL, Oct. 12, 2012 /CNW Telbec/ - O'Leary Funds Management LP, the manager and trustee (the "Manager") of the open-ended mutual funds, O'Leary Global Yield Opportunities Fund ("OGO") and O'Leary Strategic Yield Plus Fund ("OFS") is pleased to announce that, subject to applicable regulatory approvals, OGO will merge (the "Merger") into OFS. The Merger has been approved by the Investment Review Committee and by the Manager, as trustee of both funds. The Merger will be effected on or about December 14, 2012, in accordance with the applicable regulations.
OFS's investment objectives and strategies are similar to those of OGO. The Manager will file all required amendments to the simplified prospectus and annual information form of OFS in order to create a new series of units ("Series X"). Pursuant to the Merger, which will be implemented on a taxable basis, unitholders of OGO will receive corresponding units of OFS, in exchange for their units of OGO. For all series, except for Series X, the exchange will be based on a ratio determined by the Manager based on the respective net asset value per unit of each fund as at the end of business on the day immediately preceding the date of the Merger. The Manager will send written notice of the Merger to OGO unitholders, 60 days prior to the Merger effective date. Soon after the completion of the Merger, OGO will be terminated.
Series X will initially distribute approximately $0.60 per annum representing an annual distribution of 6.7% based on a NAV per unit (as at October 10, 2012) of $8.91, which corresponds to a regular monthly distribution of $0.05 per unit.
Once all operational steps required to implement the Merger are completed, unitholders will be able to redeem their units, on a daily basis, at their net asset value via FundSERV. Unitholders will also be able to switch their units into other series of the same fund or other series of units of other mutual funds offered by the Manager.
O'Leary Funds Management LP is a Canadian investment fund manager of mutual funds and closed-end funds striving to provide Canadian investors with reliable and strategic income solutions. Focused on our value-yield investment philosophy, Canadian and global investment opportunities are identified through a disciplined investment process. Our core principles, Income, Capital Appreciation and Capital Preservation, are driven by each portfolio's investment objectives. Our portfolios are diversified by sector, region and asset class. For more details about O'Leary Funds, visit www.olearyfunds.com.
SOURCE: O'Leary Funds Management LP
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