TORONTO, Sept. 1, 2017 /CNW/ - Excel Funds Management Inc. ("Excel Funds") today announced its intention to merge Excel Blue Chip Equity Fund (the "Terminating Fund") into Excel EM Blue Chip Balanced Fund (the "Continuing Fund"), subject to obtaining all necessary unitholder and regulatory approvals. Both the Terminating Fund and the Continuing Fund are open-ended mutual funds advised by Excel Investment Counsel Inc. If approved, the mergers will be effective on or about October 30, 2017.
"The Excel EM Blue Chip Balanced Fund offers a diversified portfolio mix to unitholders, who benefit from the exposure to both equity and income securities, with a focus on emerging markets. We anticipate that the proposed merger would result in enhanced economies of scale," said Bhim D. Asdhir, President and Chief Executive Officer of Excel Funds.
If the proposed merger is approved, unitholders of each series of the Terminating Fund will receive units of the equivalent series of the Continuing Fund, determined on a dollar-for-dollar basis. In addition, Pre-Authorized Chequing Plans will be immediately transferred to the equivalent series of units of the Continuing Fund. The Terminating Fund will be would up as soon as possible following the merger. In any event, units of the Terminating Fund will no longer be offered for sale after the close of business on September 29, 2017.
The proposed merger is subject to unitholder approval, at a special meeting of unitholders of the Terminating Fund, to be scheduled on or about October 20, 2017. In advance of the meeting, full details of the proposed merger will be set out in a notice of meeting and a management information circular. The notice of meeting and management information circular will also available on SEDAR at www.sedar.com.
The proposed merger is also subject to regulatory approval and the review of the Independent Review Committee ("IRC") of the Terminating Fund and the Continuing Fund. The IRC will review the potential conflict of interest matters related to the proposed merger and determine whether the merger, if implemented, would achieve a fair and reasonable result for the unitholders of the funds.
About Excel Funds Management Inc.
Excel Funds Management Inc. is a multiple Lipper Award winner specializing in emerging markets. Founded in 1998 with the launch of the Excel India Fund, the largest and longest running India-focused fund in Canada, Excel Funds Management Inc. has been a Canadian leader in emerging market-focused mutual funds by offering a wide range of innovative mutual funds that capture new growth opportunities.
SOURCE Excel Funds Management Inc.
Media Contact: Caroline Grimont, Vice President, Marketing, 905-624-7744, e-mail: [email protected]
Share this article