The Fonds de solidarité FTQ announces amendments concerning the minimum holding period for shares in its Short Form Prospectus Français
MONTRÉAL, April 16, 2024 /CNW/ - Following the publication of Information Bulletin 2024-4 by the Ministère des Finances du Québec on April 12, 2024, the Fonds de solidarité FTQ is announcing amendments concerning the minimum holding period for shares in its Short Form Prospectus.
The Government of Québec announced, in the 2023-2024 budget speech, that amendments would be made to the constituting acts of labour-sponsored funds to gradually extend the minimum holding period for certain categories of share redemptions from two years to five years.
This meant that the minimum holding period for shares was to be increased to three years for shares acquired as of June 1, 2024, to four years for shares acquired as of June 1, 2025, and to five years for shares acquired as of June 1, 2026.
However, given that Fonds shares are frequently acquired by individuals who are already shareholders, through bi-monthly payroll deductions, it is difficult to apply the new minimum holding period requirement to these shares.
To simplify the application of this new requirement, the constituting act of the Fonds de solidarité FTQ will be amended so that the calculation of the minimum holding period for shares is based on the date of redemption of these shares, rather than on the date of their acquisition by the shareholder.
Accordingly, the minimum holding period for certain Fonds de solidarité FTQ share redemptions will be:
- two years if the redemption takes place before June 1, 2027;
- three years if the redemption takes place between June 1, 2027, and May 31, 2029;
- four years if the redemption takes place between June 1, 2029, and May 31, 2031;
- five years if the redemption takes place after May 31, 2031.
The Fonds de solidarité FTQ is a source of pride in Québec, fulfilling its mission through a unique business model created 40 years ago. Since then, the Fonds has rallied Québec into action thanks to the retirement savings of 769,459 shareholders.
With net assets of $18.9 billion as at November 30, 2023, the Fonds supports more than 3,700 companies through venture and development capital investments based on the belief that impact is created as much by financial as social returns. For more information, visit fondsftq.com or our company page on LinkedIn.
Please read the prospectus before buying shares of the Fonds de solidarité FTQ. Copies of the prospectus may be obtained on the Website fondsftq.com, from a local representative or at the offices of the Fonds de solidarité FTQ. The shares of the Fonds de solidarité FTQ are not guaranteed, their value changes and past performance may not be repeated.
SOURCE Fonds de solidarité FTQ
Fonds de solidarité FTQ, Patrick McQuilken, Conseiller principal aux relations de presse, 514 703-5587, [email protected]
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