MONTREAL, Sept. 7, 2012 /CNW Telbec/ - O'Leary Funds Management LP, the manager and trustee (the "Manager") of O'Leary Hard Asset Income Fund (TSX: OHA.un) (the "Hard Asset Fund") and O'Leary Global Infrastructure Yield Fund (the "Infrastructure Fund") announces details of the merger of the Hard Asset Fund into the Infrastructure Fund (the "Merger"), subject to necessary approvals.
The Manager proposes to merge the Hard Asset Fund into the Infrastructure Fund. The Manager has obtained a positive recommendation from the Investment Review Committee, who has determined that the Merger achieves a fair and reasonable result for each of the funds. The Merger has also been approved by the Manager, as trustee of both funds. Meetings of the unitholders of both funds will be held on October 31st, 2012, in order to obtain approval of the Merger. For the purpose of the Meetings, the record date will be October 1st, 2012. The Merger will be implemented on or about November 1st, 2012, further to necessary approval from the unitholders and from the securities regulatory authorities under applicable regulations being obtained. Pursuant to the Merger, the assets of the Hard Asset Fund will be transferred to the Infrastructure Fund and existing unitholders of the Hard Asset Fund will receives units of a series of the Infrastructure Fund in exchange for their units of the Hard Asset Fund. Upon completion of the Merger, the Hard Asset Fund will be terminated.
Once all operational steps required to implement the Merger are completed, former unitholders of the Hard Asset Fund will be able to redeem the new series of units of the Infrastructure Fund on a daily basis at their net asset value via FundSERV.
Important information for non-residents: unitholder accounts which are deemed to be non-resident of a Canadian province will not be allowed to hold units of the Infrastructure Fund following the Merger and, accordingly, will be redeemed shortly after the Merger is completed.
O'Leary Funds Management LP is a Canadian investment fund manager of mutual funds and closed-end funds designed to provide Canadian investors with unique income solutions focused on capital preservation, income and capital appreciation. O'Leary Funds specializes in providing monthly income to investors through investment diversification by sectors, regions and asset classes.
SOURCE: O'LEARY FUNDS MANAGEMENT LP
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