Connor, Clark & Lunn Financial Opportunities Fund Announces Unitholder Approval of Merger Proposal

TORONTO, May 16, 2013 /CNW/ - Connor, Clark & Lunn Financial Opportunities Fund ("GFO") announced that at a special meeting held today unitholders of GFO approved a proposal that will result in the merger of GFO with Australian Banc Income Fund ("AUI").  If implemented, the merger will result in GFO unitholders becoming holders of units of AUI.  If all other conditions to the merger are fulfilled, is expected that the merger will become effective on or about June 11, 2013 (the "Effective Date").

GFO unitholders will receive a number of AUI units determined based on exchange ratios established at the close of trading on the business day immediately preceding the Effective Date.  The exchange ratios will be calculated based on the relative net asset values of the GFO Units and the AUI Units.

Details of the merger proposal are outlined in an information circular that has been sent to unitholders of GFO in connection with the special meeting.  Copies of the information circular are available on www.sedar.com and www.cclcapitalmarkets.com.

Class A Units of Connor, Clark & Lunn Financial Opportunities Fund and Class A Units of Australian Banc Income Fund are listed on the Toronto Stock Exchange under the symbols GFO.UN and AUI.UN, respectively.

SOURCE: Connor, Clark & Lunn Capital Markets Inc.

please visit www.cclcapitalmarkets.com or contact:

Darren Cabral
Vice President & CFO
Connor, Clark & Lunn Capital Markets Inc.
416-214-6182
Toll Free: 1-888-276-2258
[email protected]