R.N. Croft Financial Group Inc. announces termination of PIE Funds

TORONTO, April 8, 2013 /CNW/ - R.N. Croft Financial Group Inc. ("CFG") in its capacity as manager of the following share classes of Portfolio Index Evolution Corporation (the "Corporation"): Class A-1 Income, Class B-1 Canadian Equity, Class C-1 U.S. Equity, Class D-1 International Equity, Class E-1 Emerging Markets Equity and Class F-1 Alternative Strategies (each, a "PIE Fund" and collectively, the "PIE Funds") today announced its intention to terminate the PIE Funds on June 10, 2013.

On August 15, 2012, CFG announced that it had entered into an agreement with Pro-Financial Asset Management Inc. ("PFAM") pursuant to which PFAM would assume the management of the Corporation and the PIE Funds (the "Transaction"). The Transaction was subject to regulatory approval and approval of the shareholders of the PIE Funds. The matter was also referred to the Independent Review Committee for the PIE Funds.  Shareholder approval for the Transaction was obtained at a duly called special meeting of shareholders on September 26, 2012. On September 24, 2012, CFG applied for regulatory approval with respect to the Transaction. Pursuant to exemptive relief granted by the Ontario Securities Commission, the lapse date of the simplified prospectus of the PIE Funds was extended from December 15, 2012 to February 19, 2013 and then further to March 30, 2013. As of March 30, 2013, the PIE Funds were no longer being offered and regulatory approval for the Transaction had not been granted.

In light of the regulatory approval not being obtained for the Transaction and the resulting lapse of the PIE Funds offering documents, CFG will terminate the PIE Funds as of June 10, 2013.

About R.N. Croft Financial Group Inc.

CFG is a boutique portfolio management company, providing fully customized discretionary asset management to discriminating investors. The firm's investment approach combines low cost tax-efficient indexed investment strategies, with targeted active management, and sophisticated options techniques to maximize client returns at any risk level.

SOURCE: R.N. Croft Financial Group Inc.

For investor, advisor or media inquiries, please contact:

R.N. Croft Financial Group Inc.
218 Steeles Ave East
Thornhill, Ontario
Canada
L3T 1A6
Telephone: [phone]
Email:[email protected]