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Name | Symbol | Market | Type |
---|---|---|---|
CI Core Canadian Equity Income Class ETF | TSX:CSY | Toronto | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.25 | 25.17 | 25.33 | 0 | 01:00:00 |
/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./
TORONTO, Jan. 28, 2016 /CNW/ - First Asset Investment Management Inc. announces that it has called special meetings of the shareholders of First Asset Core Canadian Equity Income ETF (TSX: CSY), Can-Financials Income Corp. (TSX: FIC.UN) and CanBanc 8 Income Corp. (TSX: CBF) (collectively, the "Funds"). The meetings will be held jointly on Wednesday February 24, 2016. If required, an adjourned meeting will be held on Thursday, February 25, 2016.
At the meeting, shareholders of the Funds will be asked to approve a variety of changes which will result, through a corporate amalgamation with First Asset Fund Corp., in shareholders of each Fund becoming shareholders of an exchange traded fund ("ETF") under an umbrella known as a "Corporate Class". Each Fund will be a separate share class of a single mutual fund corporation but will trade independently under its own ETF ticker symbol, with its own specific investment objectives and referable to a separate portfolio of investments; all as further described in a joint management information circular to be mailed to shareholders on or about January 28, 2016 (the "Circular").
As detailed in the Circular, the amalgamation will result in several benefits to shareholders of all the Funds. These benefits include: tax deferral advantages afforded by the ability to switch between funds inside the Corporate Class structure, pooled use of available tax-loss carry-forwards, broader investment choices, as well as continued low costs and economies of scale.
In addition to the merger, shareholders of Can-Financials Income Corp. are being asked to approve a change in investment objectives in order to pursue a broader, more diversified and lower cost strategy.
If the proposed transactions are approved, the following will occur:
If shareholders approve the changes necessary to accomplish the results above (all as further described in the Circular), the manager (First Asset Investment Management Inc.) anticipates implementing the amalgamations on or about March 31, 2016, subject to obtaining all necessary regulatory and third party approvals.
Shareholders are encouraged to review the Circular for further details regarding the meeting and the proposed transactions.
First Asset – Smart SolutionsTM
First Asset, a CI Financial Company, is a Canadian investment firm delivering a comprehensive suite of smart ETF solutions. Rooted in strong fundamentals, First Asset's smart solutions strive to deliver better risk-adjusted returns than the broad market, while helping investors achieve their personal financial goals.
TMFirst Asset and its logo are trademarks of First Asset Capital Corp., a wholly-owned subsidiary of CI Financial Corp. which is listed on the Toronto Stock Exchange under the symbol "CIX". ®CI FINANCIAL is a registered trademark of CI Investment Inc., used under license.
SOURCE First Asset
Copyright 2016 Canada NewsWire
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