TORONTO, October 1, 2015 - First Asset Investment Management Inc. announces that the shareholders of Can-60 Income Corp. (the "Fund") (TSX: CSY) approved the extension and the conversion of the Fund into an exchange-traded fund ("ETF"), including changes to the investment objectives, strategies and restrictions applicable to the ETF.
In particular, following its conversion, the ETF will be named "First Asset Core Canadian Equity Income ETF" and its investment objectives will be to seek to provide holders with: (i) long term capital appreciation with an attractive risk-adjusted rate of return; and (ii) consistent dividend income, through investing the ETF's portfolio to gain exposure to equity securities of primarily large capitalization Canadian issuers. The ETF will achieve its investment objective by using a multi-factor portfolio optimization strategy to allocate its assets to gain exposure to equity securities of Canadian issuers in order to try to create a well-diversified portfolio with strong fundamentals, attractive levels of dividend income and a historical risk-adjusted rate of return greater than a broad capitalization weighted Canadian equity fund. The ETF may invest directly in equity securities and/or indirectly in such securities through other ETFs, including those managed by First Asset.
The implementation of the conversion is subject to certain third party and regulatory approvals. First Asset currently anticipates that the conversion will be implemented in November 2015. First Asset will issue a press release announcing the effective date of the conversion as soon as practicable after all required approvals have been obtained. Shareholders will not be required to take any action in connection with the conversion.
In connection with the conversion, the Fund will implement a special redemption right. Shareholders who wish to exercise the redemption right must provide notice no later than 5 p.m. (EST) on October 16, 2015. Shareholders are advised to inform their advisor or other intermediary in advance of October 16, 2015 of their desire to redeem their shares as their advisor or other intermediary may have an earlier cut-off deadline. Shareholders who redeem their shares will receive the net asset value per share of the Fund on October 30, 2015. The proceeds of the special redemption will be paid on or before November 20, 2015.
First Asset - Smart SolutionsTM
First Asset is an independent investment firm, focused on providing smart, low cost solutions that address the real-world investment needs of Canadians - capital appreciation, income generation and risk mitigation. 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.
For further information, please call Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.
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