First Asset Yield Opportunity Trust Announces Results of Special Unitholder Meeting

/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./

TORONTO, Dec. 12, 2014 /CNW/ - First Asset Yield Opportunity Trust (the "Fund") (TSX: FAY.UN and FAY.U) announces that at an adjourned special meeting of the unitholders of series A units and series B units of the Fund held today, unitholders approved certain amendments to the Fund's declaration of trust (the "DOT Amendments") in order to, among other things, change the fundamental investment objectives, strategies and restrictions of the Fund.  Unitholders also approved, following the implementation of the DOT Amendments, the merger (the "Merger") of the Fund into First Asset Active Credit ETF (the "ETF"), a new exchange traded fund that is being established by First Asset Investment Management Inc., the manager of the Fund (the "Manager").

In connection with the DOT Amendments:

• The Fund's fundamental investment objectives, strategies and restrictions will be amended in the manner described in the management information circular dated November 6, 2014 (the "Circular").
• Onex Credit Partners, LLC will be appointed as the Fund's sub-advisor to implement the Fund's investment strategy.
• The aggregate annual management fees payable by the Fund to the Manager in respect of the series A units and series B units will be reduced to 0.85% (from 1.50%) of the net asset value per unit. In addition, the service fees and annual trustee fees payable to the trustee will be eliminated.
• The Fund's name will change to "First Asset Active Credit Fund".

The above DOT Amendments will take effect on December 22, 2014.  As approved at the meeting, the Fund's next annual redemption date will be accelerated from January 29, 2015 to December 24, 2014.  Unitholders who wish to exercise this accelerated redemption right must give notice prior to 5 p.m. on Monday, December 22, 2014 that they wish to exercise this right.  Such unitholders should inform their broker or other intermediary sufficiently in advance of December 22, 2014 of their desire to exercise this right as their broker or other intermediary may have an earlier cut-off deadline. 

The implementation of the Merger is subject to certain third party and regulatory approvals, including obtaining a receipt for the final prospectus of the ETF.  The Manager currently anticipates that the Merger will be implemented before the end of January, 2015.  The Manager will issue a press release announcing the effective date of the Merger as soon as practicable after all of the approvals for the Merger have been obtained.

Unitholders are not required to take any action in connection with the DOT Amendments or the Merger. Further details are described in the Circular.

SOURCE: First Asset

please call Investor Relations, First Asset at 416-642-1289 or 1?877?642?1289 or visit www.firstasset.com.