MONTREAL, Aug. 13 /CNW Telbec/ - O'Leary Funds Management LP, the manager and trustee (the "Manager") of O'Leary Global Income Opportunities Fund (TSX: OGO.un) (the "Fund") is pleased to announce that it intends to pay out a special distribution of $0.61502793 per trust unit ("Unit") to unitholders of record of the Fund on August 13, 2010. The special distribution is expected to be paid on or before August 17, 2010. This special distribution is derived from realized capital gains on investments as well as other realized income sources generated by the Fund during the period from January 1, 2010 through August 13, 2010.
The Manager further confirms that the merger (the "Merger") of the Fund with O'Leary Global Yield Opportunities Fund (the "Mutual Fund") which is an open-ended mutual fund trust managed by the Manager will be implemented on August 16, 2010. Pursuant to the Merger, unitholders of the Fund will receive 1.196585 series X units of the Mutual Fund in exchange for each unit of the Fund which they held on August 13, 2010 based on an exchange ratio of 1.196585:1. The exchange ratio was determined by the Manager with reference to NAV per unit of the Fund as at close of business on August 13, 2010 and an initial issue price of $10 per one series X unit of the Mutual Fund.
Once all operational steps required to implement the Merger are completed, subscriptions for additional investments and redemptions from the Mutual Fund can be made via FundSERV beginning on or about August 17, 2010. The Manager believes that the Merger will provide investors with enhanced liquidity and pricing by providing them with the continuous right to subscribe for additional units or redeem units on a daily basis. Unitholders of the Mutual Fund will also be able to switch their units into other series offered by the Mutual Fund and into other mutual funds offered by the Manager.
Important information: Unitholder accounts which are deemed to be non-resident of a Canadian province will not be allowed to hold units of the Mutual Fund and accordingly, will be redeemed shortly after the Merger is completed.
SOURCE O'Leary Funds Management LP
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