MONTREAL, Oct. 23, 2013 /CNW Telbec/ - National Bank Securities Inc. ("NBSI"), the manager of the Meritage Portfolios, today announces the approval of all proposals voted upon yesterday at the special meeting of securityholders of the Meritage Portfolios.
During the meeting, securityholders of the Meritage Portfolios approved a change to the manner in which certain operating expenses are charged to the Meritage Portfolios. The majority of the Meritage Portfolios' operating expenses will therefore be replaced by fixed-rate administration fees, which will be subject to a transitional adjustment payment until December 31, 2013.
At the same meeting, shareholders of the Meritage Canadian Equity Class Portfolio, Meritage Global Equity Class Portfolio, Meritage Growth Class Portfolio and Meritage Equity Class Portfolio (the "Meritage Corporate Portfolios") approved a change to such portfolios' fundamental investment objectives, so as to allow them to invest directly in their corresponding Meritage Trust Portfolio. This change is subject to the granting of exemptive relief by the Canadian Securities Authorities, which must be obtained before the new investment objectives can be implemented.
The shareholders of the Meritage Corporate Portfolios also approved a change to such portfolios' redemption rights, permitting each Meritage Corporate Portfolio to redeem shares more efficiently when closing series that are no longer economically viable or that have become in any way detrimental to investors or the portfolio itself.
All of the above changes shall come into effect on or around October 29, 2013.
About National Bank Securities Inc.
The Meritage Portfolios (the "Portfolios") are offered by National Bank Securities Inc., a wholly-owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with investments in the Portfolios. Please read the prospectus of the Portfolios before investing. The Portfolio' securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Portfolios are not guaranteed, their values change frequently and past performance may not be repeated.
About National Bank of Canada
With $187 billion in assets as at July 31, 2013, National Bank of Canada (www.nbc.ca), together with its subsidiaries, forms one of Canada's leading integrated financial groups, and was named among the 20 strongest banks in the world by Bloomberg Markets magazine. The Bank has close to 20,000 employees and is widely recognized as a top employer. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities via social media and learn more about its extensive community involvement at clearfacts.ca and commitment.nationalbank.ca.
SOURCE: National Bank of Canada
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