TORONTO, Dec. 30 /CNW/ - Webb Asset Management Canada, Inc. ("Webb Canada"), the manager of the Webb Asset Management Canadian Performance Fund (the "Performance Fund"), and Webb Enhanced Growth Fund (the "Growth Fund"), announces that the investors in the Growth Fund have approved the purchase of the assets of the Performance Fund at a special meeting of Unitholders of Series A, Series F, and Series I units (the "Unitholders") of the Growth Fund on December 30th, 2009.
At the special meeting, Unitholders of the Growth Fund were asked to approve the merger of the Performance Fund into the Growth Fund (the "Proposed Transaction") by means of the purchase of the assets of the Performance Fund in exchange for new units of the Growth Fund. Separately, securityholders of the Performance Fund were asked to approve the Proposed Transaction. The Proposed Transaction was approved and securityholders of the Performance Fund, a privately placed investment fund, will become Unitholders of the Growth Fund.
Webb Canada believes that the Proposed Transaction will be beneficial to Unitholders because, upon completion, the Growth Fund will be larger, and have the opportunity to realize greater economies of scale, which could potentially lower the expenses of the Growth Fund on a per-unit basis.
The transaction is expected to be completed before the close of business on December 31, 2009.
About Webb Canada
Webb Canada, the Manager of the Webb Funds, is a progressive asset management company established in 2006 by Derek Webb with the goal of bringing innovative investment strategies to Canadian investors.
SOURCE WEBB ASSET MANAGEMENT CANADA, INC.
For further information: For further information: Mike Kirby, Chief Financial Officer, Webb Asset Management Canada, Inc., Tele: (416) 601-2449, Fax: (416) 601-2501, email@example.com