TORONTO, Dec. 17, 2015 /CNW/ – Aston Hill Capital Markets Inc. (the “Manager”) announces that the unitholders of each of Australian Banc Capital Securities Trust (“AB Fund”), Canadian Banc Capital Securities Trust (“CB Fund”), Euro Banc Capital Securities Trust (“EB Fund”), HBanc Capital Securities Trust (“HB Fund”), and North American Financials Capital Securities Trust (“NA Fund” and, collectively, the “Funds”) approved the merger of the Funds and all related transactions (the “Merger”) at separate special unitholder meetings held today (the “Meetings”). The Merger will result in NA Fund being the continuing fund and AB Fund, CB Fund, EB Fund and HB Fund being the terminating funds (collectively the “Terminating Funds”). It is intended that the Merger will become effective on or about January 29, 2016, at which time the Terminating Funds will be de-listed from the Toronto Stock Exchange (“TSX”). Upon completion of the Merger, NA Fund will be renamed Global Capital Securities Trust.
Unitholders of the Terminating Funds who do not wish to be part of the Merger will have the option of redeeming for cash their investment at net asset value prior to the Merger (the “Special Redemption Right”). For each unit submitted for redemption pursuant to the Special Redemption Right, unitholders will receive a cash amount equal to 100% of the net asset value per unit on January 22, 2016 together with any unpaid distributions (including any special distribution) in respect of such unit, less any amount required to be withheld therefrom under applicable law. Such amount will be paid to redeeming unitholders on or before January 27, 2016. In order to effect the Special Redemption Right, the units of the Terminating Funds must be surrendered on or before 5:00 p.m. (Toronto time) on January 15, 2016. Unitholders should contact their broker or other intermediary through which their units are held as brokers and other intermediaries may set deadlines earlier than January 15, 2016 for the receipt of notices to exercise the Special Redemption Right.
The Merger is being effected on a tax-deferred rollover basis at the net asset value of each Fund. The Merger will apply only to the Class A Units of HB Fund. Class U Units of HB Fund will be redeemed as scheduled on December 30, 2015 and will not be included in the Merger as NA Fund does not offer a U.S. Dollar denominated class of units.
Details regarding the proposed Merger are contained in a joint management information circular which was mailed to unitholders of each Fund. The circular is also posted on the Manager’s website and to www.sedar.com. The Merger remains conditional upon the approval of the TSX and applicable securities regulatory authorities.
The Class A Units of Australian Banc Capital Securities Trust are listed on the TSX under the symbol AUZ.UN. The Class A Units of Canadian Banc Capital Securities Trust are listed on the TSX under the symbol CSB.UN. The Units of Euro Banc Capital Securities Trust are listed on the TSX under the symbol EBT.UN. The Class A, Series 1 Units of HBanc Capital Securities Trust are listed on the TSX under the symbol HSC.UN. The Class A Units of North American Financials Capital Securities Trust are listed on the TSX under the symbol NAF.UN.
Aston Hill Capital Markets Inc. is a leading Canadian structured financial products investment firm focused on creating and managing high quality investment vehicles. The Manager is a subsidiary of Aston Hill Financial Inc. (TSX: AHF). Aston Hill Financial Inc. is a diversified asset management company with a suite of retail mutual funds, closed end funds, hedge funds and segregated institutional funds. Aston Hill Financial is headquartered in Toronto.
