/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
OF AMERICA./
TORONTO, April 5, 2016 /CNW/ - Further to its press
release dated February 25, 2016,
First Asset Investment Management Inc. ("First Asset")
announces that it has filed a final prospectus dated April 1, 2016 in connection with the pending
amalgamations involving First Asset Fund Corp., First Asset Core
Fund Corp., Can-Financials Income Corp. and CanBanc 8 Income Corp.
(the "Amalgamations").
First Asset anticipates implementing the Amalgamations on or
about April 25, 2016 (the
"Effective Date"), subject to obtaining all necessary
regulatory and third party approvals.
On the Effective Date, shareholders of First Asset Core Canadian
Equity Income ETF, Can-Financials Income Corp. and CanBanc 8 Income
Corp. will each become shareholders of a separate exchange traded
fund share class of a single mutual fund corporation to be known as
"First Asset Fund Corp." Each such share class of First Asset Fund
Corp. will trade independently under its own TSX ticker symbol,
will have its own specific investment objectives and strategies and
will be referable to its own separate portfolio of investments as
described below.
Upon completion of the Amalgamations:
- First Asset CanBanc Income ETF (TSX: CIC) will change
its name to "First Asset CanBanc Income Class ETF", with its
investment objectives, strategies and restrictions
unchanged;
- First Asset Core Canadian Equity Income ETF (TSX: CSY)
will change its name to "First Asset Core Canadian Equity Income
Class ETF" ", with its investment objectives, strategies and
restrictions unchanged;
- Shareholders of CanBanc 8 Income Corp. (TSX: CBF) will
become shareholders of First Asset CanBanc Income Class ETF
(TSX: CIC); and
- Shareholders of Can-Financials Income Corp. (TSX: FIC)
will become shareholders of First Asset MSCI Canada Quality Index
ETF (TSX: FQC). This ETF's investment objective will be to
replicate, to the extent possible, the performance of the MSCI
Canada Quality Index (CAD) (the "Index"), net of expenses.
The Index is based on the MSCI Canada Index, its parent index,
which includes large and mid-cap stocks of the Canadian equity
market. The Index aims to capture the performance of quality
growth stocks by identifying stocks with high quality scores based
on three main fundamental variables: high return on equity (ROE),
stable year-over-year earnings growth and low financial leverage.
In connection with the Amalgamations, CanBanc 8 Income Corp.
(TSX: CBF) will implement a special redemption right.
Shareholders who wish to exercise the redemption right must provide
notice by no later than 5 p.m. (EST)
on April 15, 2016. Shareholders
are advised to inform their advisor or other intermediary in
advance of April 15, 2016 of their
desire to redeem their shares as their advisor or other
intermediary may have an earlier cut-off deadline.
Shareholders who redeem their shares of CanBanc 8 Income Corp. will
receive the net asset value per share of the Fund on April 18, 2016. The proceeds of the special
redemption will be paid on or before April
22, 2016.
First Asset – Smart SolutionsTM
First
Asset, a CI Financial Company, is a Canadian investment firm
delivering a comprehensive suite of smart ETF solutions. Rooted in
strong fundamentals, First Asset's smart solutions strive to
deliver better risk-adjusted returns than the broad market, while
helping investors achieve their personal financial goals.
Please read the prospectus before investing. Important
information about each ETF is contained in its prospectus.
Individuals should seek the advice of professionals, as
appropriate, prior to investing. ETFs are not guaranteed, their
values change frequently and past performance may not be repeated.
Commissions, trailing commissions, management fees and expenses all
may be associated with an investment in ETFs. First
Asset ETFs are managed by First Asset Investment Management Inc., a
subsidiary of First Asset Capital Corp. (FA Capital). ™First Asset
and its logo are trademarks of FA Capital, a wholly owned
subsidiary of CI Financial Corp. which is listed on the Toronto
Stock Exchange under the symbol "CIX". ®CI FINANCIAL is a
registered trademark of CI Investment Inc., used under license.
First Asset MSCI Canada Quality Index ETF and the securities of
that fund or any other fund referred to herein are not sponsored,
endorsed or promoted by MSCI, and MSCI bears no liability with
respect to any such fund or securities or any index on which such
fund or securities are based. The prospectus contains a more
detailed description of the limited relationship MSCI has with
First Asset Investment Management Inc. and any related funds.
SOURCE First Asset Close-End Funds