Not for dissemination to U.S. Newswire Services or for dissemination in the United States of America
TORONTO (April 13, 2016) – Marret Investment Grade Bond Fund (the "Fund") (TSX: MIG.UN) announced today that a special meeting of the unitholders of the Fund will be held at 10 a.m. EDT on May 18, 2016. If required, the meeting will be adjourned and held later that same day at 2 p.m.
At the meeting, unitholders will be asked to approve the conversion of the Fund from a closed-end fund to an actively managed exchange-traded fund (the "ETF Conversion"). In connection therewith, the Fund will modify its investment objectives, strategies and restrictions, fee structure and certain other organizational changes resulting from the ETF Conversion. If the ETF Conversion is approved and implemented, Marret Asset Management Inc. ("Marret") will continue to provide portfolio management services to the Fund, and its affiliate, First Asset Investment Management Inc., will assume responsibility for the day-to-day administration of the Fund.
Marret, the manager of the Fund, believes that the ETF Conversion will benefit existing unitholders because, as an exchange-traded fund, the Fund will offer greater market liquidity and efficient trading, and potential benefits from economies of scale through the continuous offering of units. If the ETF Conversion is approved, Marret anticipates implementing the ETF Conversion in June 2016, subject to obtaining a receipt for the final prospectus and any third-party or regulatory approvals required (if any) in order to effect the ETF Conversion.
Further details of the meeting and Marret's proposal will be described in a management information circular to be mailed on or about April 27, 2016 to unitholders of record on April 18, 2016.
About Marret Asset Management Inc.
Marret Asset Management Inc. specializes in fixed income and particularly in high-yield debt strategies. The experienced team of investment professionals is led by Barry Allan, President and Chief Investment Officer. He founded Marret in 2000, following a career at Altamira, Nesbitt Thomson and a Canadian chartered bank, and has over 30 years of experience in credit and fixed-income markets.
About First Asset Investment Management Inc.
First Asset, a CI Financial Company, is a Canadian investment firm delivering a comprehensive suite of smart ETF solutions. As at March 31, 2016, First Asset is the investment fund manager, portfolio advisor and trustee for 36 TSX-listed exchange-traded funds.
For further information:
Marret Investor Services
416-214-5800 or firstname.lastname@example.org
This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Forward-looking statements can be identified by the expressions "seeks", "expects", "believes", "estimates", "will", "target" and similar expressions. The forward-looking statements are not historical facts but reflect the current expectations of Marret and the managers of the underlying portfolios regarding future results or events and are based on information currently available to them. Certain material factors and assumptions were applied in providing these forward-looking statements. All forward-looking statements in this press release are qualified by these cautionary statements. Marret believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, Marret can give no assurance that the actual results or developments will be realized. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks Factors" in the prospectus. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Marret undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws. These forward-looking statements are made as of the date of this press release.