R.N. Croft Financial Group Inc. announces termination of PIE Funds
11 Jun, 2013, 12:50 ET
TORONTO, June 11, 2013 /CNW/ - R.N. Croft Financial Group Inc. ("CFG") in its capacity as manager of the following share classes of Portfolio Index Evolution Corporation (the "Corporation"): Class A-1 Income, Class B-1 Canadian Equity, Class C-1 U.S. Equity, Class D-1 International Equity, Class E-1 Emerging Markets Equity and Class F-1 Alternative Strategies (each, a "PIE Fund" and collectively, the "PIE Funds") today announced that it has terminated the PIE Funds.
On August 15, 2012, CFG announced that it had entered into an agreement with Pro-Financial Asset Management Inc. ("PFAM") pursuant to which PFAM would assume the management of the Corporation and the PIE Funds (the "Transaction"). The Transaction was subject to regulatory approval and approval of the shareholders of the PIE Funds. Shareholder approval for the Transaction was obtained at a duly called special meeting of shareholders on September 26, 2012. As of March 30, 2013, the PIE Funds were no longer being offered and regulatory approval for the Transaction had not been granted.
In light of the regulatory approval not being obtained for the Transaction and the resulting lapse of the PIE Funds offering documents, CFG announced on April 8, 2013 that CFG will terminate the PIE Funds as of June 10, 2013. CFG shareholders were provided with 60 days notice of the termination on April 10, 2013, in accordance with applicable securities legislation, the offering documents of the PIE Funds and the constating documents of the Corporation.
As of June 10, 2013, all outstanding shares of the PIE Funds have been redeemed.
About R.N. Croft Financial Group Inc.
CFG is a boutique portfolio management company, providing fully customized discretionary asset management to discriminating investors. The firm's investment approach combines low cost tax-efficient indexed investment strategies, with targeted active management, and sophisticated options techniques to maximize client returns at any risk level.
SOURCE: R.N. Croft Financial Group Inc.
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R.N. Croft Financial Group Inc.
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