CALGARY, ALBERTA–(Marketwired – May 24, 2016) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
Canoe Financial LP (“Canoe” or the “Manager”) announces that the merger (the “Merger”) of Canoe U.S. Strategic Yield Advantaged Fund (the “Terminating Fund”) with Canoe North American Monthly Income Class (the “Continuing Fund”) became effective on May 20, 2016.
The Merger was approved by unitholders at a special meeting held on January 15, 2016.
The Terminating Fund transferred all of its assets to the Continuing Fund in exchange for Series Z shares of the Continuing Fund. Each unitholder of the Terminating Fund received Series Z shares of the Continuing Fund having the same aggregate net asset value (“NAV”) as their respective units of the Terminating Fund as of the close of business on May 20, 2016, as listed below.
| Terminating Fund | Continuing Fund | Conversion Ratio | ||
| Canoe U.S. Strategic Yield Advantaged Fund Cl A (TSX:OUY.UN) 1 | Canoe North American Monthly Income Class (GOC6009) | 0.861303952 | ||
| Canoe U.S. Strategic Yield Advantaged Fund Cl U USD (TSX:OUY.U) 2 | Canoe North American Monthly Income Class (GOC6019) | 1.087675081 | ||
Those unitholders holding Class U USD (TSX:OUY.U) of the Terminating Fund received Series Z shares of the Continuing Fund under the US dollar purchase option (“US Dollar Option”). If an existing investor purchases or redeems Series Z shares using the US Dollar Option, the price per share will be determined by taking the Canadian dollar Series Z NAV per share and converting it into US dollars based on the exchange rate at the time the NAV is calculated on the day the purchase or redemption order is received. The exchange rate used for such conversion is the rate of exchange on that date, established using customary banking sources. The US Dollar Option is offered as a convenience to allow existing investors to purchase and redeem Series Z shares of the Continuing Fund using US dollars. The overall performance of an investment in Series Z of the Continuing Fund is the same, regardless of whether the shares are held under the Canadian dollar option or the US dollar option. The US Dollar Option does not hedge or protect against losses caused by fluctuations in the exchange rate between Canadian and US dollars.
The monthly distribution for Series Z of Canoe North American Monthly Income Class is $0.07 per share (equal to approximately USD$0.05 per share as of May 20, 2016).
About Canoe North American Monthly Income Class
Canoe North American Monthly Income Class is an open-end mutual fund and aims to provide income and long- term capital growth by investing primarily in high-yielding equity securities and corporate bonds of North American issuers.
About Canoe Financial
Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe is Canada’s fastest-growing independent mutual fund company and currently manages approximately $3.5 billion in assets across a diversified range of award-winning mutual funds and private energy equity products. Canoe has expanded from its Calgary head office across Canada, including a significant presence in Toronto and offices in Vancouver, Winnipeg, Ottawa and Montreal. To learn more about Canoe Financial and its investment products, visit www.canoefinancial.com.
1Formerly O’Leary U.S. Strategic Yield Advantaged Fund Cl A
2Formerly O’Leary U.S. Strategic Yield Advantaged Fund Cl U
This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.
Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the fund on www.sedar.com before investing. Investment funds are not guaranteed and past performance may not be repeated.
Investor Relations
1-877-434-2796
info@canoefinancial.com
www.canoefinancial.com