TORONTO, March 30, 2017 /CNW/ - 1832 Asset Management L.P. (the "Manager"), as manager of the Dynamic Funds, today announced its intention to seek regulatory and securityholder approval to merge the following funds:
| Terminating Fund |
Continuing Fund |
|
| Dynamic Corporate Bond Strategies Class |
to merge into |
Dynamic Advantage Bond Class |
| Dynamic Corporate Bond Strategies Fund |
to merge into |
Dynamic Advantage Bond Fund |
| Dynamic Money Market Class |
to merge into |
Dynamic Money Market Fund |
| Dynamic Strategic Bond Fund |
to merge into |
Dynamic Canadian Bond Fund |
| Dynamic Canadian Asset Allocation Class |
to merge into |
Dynamic Canadian Dividend Fund |
| Dynamic Power Balanced Class |
to merge into |
Dynamic Power Balanced Fund |
| Dynamic Aurion Tactical Balanced Class |
to merge into |
|
| Dynamic Power Canadian Growth Class |
to merge into |
Dynamic Power Canadian Growth Fund |
| Dynamic Power Dividend Growth Class |
to merge into |
|
| Dynamic Global Value Class |
to merge into |
Dynamic Global Value Fund |
| Dynamic EAFE Value Class |
to merge into |
|
| Dynamic Emerging Markets Class |
to merge into |
|
| Dynamic Emerging Markets Fund |
to merge into |
|
| Dynamic Power American Currency Neutral Fund |
to merge into |
Dynamic Power American Growth Fund |
| DMP Power Global Growth Class |
to merge into |
Dynamic Power Global Growth Class |
| DMP Resource Class |
to merge into |
Dynamic Strategic Resource Class |
| Dynamic Resource Fund |
to merge into |
|
| DMP Value Balanced Class |
to merge into |
Dynamic Value Balanced Class |
| Dynamic Strategic Growth Portfolio |
to merge into |
DynamicEdge Balanced Growth Portfolio |
The proposed mergers will be voted on at special meetings of securityholders to be held on or about June 9, 2017 in Toronto. Full details about the proposed mergers will be set out in the Management Information Circular that will be made available to affected securityholders in the ordinary course. If approved, it is anticipated that each proposed merger will be implemented on or before June 30, 2017. All costs and expenses associated with the mergers will be borne by the Manager.
The Mergers
For each approved merger, the Terminating Fund will transfer substantially all of its assets to the corresponding Continuing Fund in return for securities of the Continuing Fund having an aggregate net asset value equal to the value of the assets transferred to the Continuing Fund. Immediately thereafter, the Terminating Fund will cause all of its securities to be redeemed in exchange for securities of the Continuing Fund. This will result in each securityholder of the Terminating Fund receiving securities of the applicable series of the Continuing Fund having equal value to the securities of the Terminating Fund that were held by such securityholder prior to the merger. Each Terminating Fund will then be wound up as soon as possible following the mergers.
Suspension of New Purchases
Purchases of securities of a Terminating Fund will be suspended approximately five business days before the applicable merger implementation date. In most cases, pre-authorized contribution plans and automatic withdrawal plans which have been established with respect to a Terminating Fund will be re-established with respect to the corresponding Continuing Fund. More particulars regarding these matters will be set out in the Management Information Circular.
Rationale for the Mergers
It is expected that the mergers will result in a more streamlined Dynamic Funds product line-up making it easier for advisors and investors to understand.
About Dynamic Funds
Dynamic Funds is a division of 1832 Asset Management L.P., which offers a range of wealth management solutions, including mutual funds, investment solutions for private clients, institutional clients and managed asset programs. 1832 Asset Management L.P. is a limited partnership, the general partner of which is wholly owned by Scotiabank. ® Dynamic Funds is a registered trademark of its owner, used under license.
Commissions, trailing commissions, management fees and expenses all may be associated with investments in the funds. Please read the prospectus before investing. Investments in the funds are not guaranteed; their values change frequently and past performance may not be repeated.
SOURCE Dynamic Funds
Customer Relations Centre, 1-800-268-8186, www.dynamic.ca; For media enquiries only: Debra Chan, Public, Corporate and Government Affairs, Scotiabank, (416) 866-6443, [email protected]
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