TORONTO, Oct. 20, 2017 /CNW/ - Further to its press release dated August 25, 2017, Picton Mahoney Asset Management (the "Manager"), as manager of Picton Mahoney Tactical Income Fund (the "Fund") (TSX: PMB.UN), announces that the Fund's forward agreement (the "Forward Agreement") was terminated on October 18, 2017. The Fund now invests directly in substantially the same securities previously held in the portfolio held by Income Strategies Trust. The Manager intends to continue to pursue the Fund's investment strategy directly without the Forward Agreement or Income Strategies Trust.
Going forward, distributions paid by the Fund are no longer expected to be characterized primarily as capital gains or returns of capital, but rather all or a portion of distributions will be characterized as ordinary income, although the Fund may still distribute capital gains or returns of capital in the future.
The Manager will receive the same aggregate management fees and performance fees from the Fund as have been paid by the Fund and Income Strategies Trust prior to the termination of the Forward Agreement.
SOURCE Picton Mahoney Asset Management
For further information: Arthur Galloway, Picton Mahoney Asset Management, Tel: (416) 955-4108, Website: www.pictonmahoney.com, Email: [email protected]