TSX Symbol: TCZ, TCP
TORONTO, May 27, 2016 /CNW/ - Trident Performance Corp. ("Trident") and Trident Performance Corp. II ("Trident II", and together with Trident, the "Corporations") announced today that the board of directors of each Corporation has approved a proposal to dissolve (the "Terminations") the Corporations following the liquidation and distribution of the assets of each Corporation.
Each Corporation obtains exposure to a portfolio held by the Trident Performance Trust (the "Reference Fund") through a forward agreement. Subject to the receipt of shareholder approval for the Terminations, the Corporations intend to de-list their Class A shares from the Toronto Stock Exchange, pre-settle the forward agreements in respect of the Corporations, distribute to holders of Class A shares and, in the case of Trident, holders of Class F shares, their proportionate share of the net assets of the applicable Corporation and, thereafter, dissolve the Corporations. Following pre-settlement of the forward agreements, the Reference Fund will also be terminated.
Each of Trident and Trident II will hold a special meeting of its shareholders on or about July 27, 2016 to consider and vote upon the Terminations. A joint management information circular describing the Terminations is being prepared and will be mailed to the shareholders of each Corporation. The information circular will also be available on the SEDAR profile of each Corporation at www.sedar.com. If approved, the Terminations are expected to be implemented in August 2016.
Forward looking information
This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Forward-looking statements can be identified by the expressions "seeks", "expects", "believes", "estimates", "will", "target" and similar expressions. The forward-looking statements are not historical facts but reflect the current expectations of the Corporations and the managers of the underlying portfolios regarding future results or events and are based on information currently available to them. Certain material factors and assumptions were applied in providing these forward-looking statements. All forward-looking statements in this press release are qualified by these cautionary statements. Each Corporation believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, the Corporations can give no assurance that the actual results or developments will be realized. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks Factors" in the annual information forms of Trident and Trident II dated March 29, 2016. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Corporations undertake no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws. These forward-looking statements are made as of the date of this press release.
SOURCE CI Financial Corp.
For further information: CI Investments Inc., Tel.: (416) 364-1145, Toll Free: 1 (800) 268 - 9274