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TORONTO, June 6, 2018 /CNW/ - First Asset Morningstar
U.S. Consumer Defensive Index Fund (the "Fund") (TSX:
UCD.UN) announces that a special meeting of the unitholders of the
Fund (the "Meeting") will be held on Thursday, July 19, 2018. If required, an
adjourned Meeting will be held on Monday,
July 30, 2018. Unitholders of record on May 31, 2018 will be entitled to receive notice
of and vote at the Meeting. The Notice and Management
Information Circular which details the matters to be considered at
the Meeting will be available on www.firstasset.com and
www.sedar.com on or about June 15,
2018.
At the Meeting, unitholders will be asked to approve a merger
(the "Merger") of the Fund into First Asset MSCI
USA Low Risk Weighted ETF (the
"Continuing Fund"), pursuant to which all unitholders of the
Fund will become holders of CAD hedged common units (TSX: RWU) of
the Continuing Fund (the "ETF Units").
First Asset Investment Management Inc., the manager of the Fund
(the "Manager"), believes that the Merger will benefit
existing unitholders because, as an exchange-traded mutual fund,
the Continuing Fund offers greater market liquidity and efficient
trading, potential benefits from economies of scale through the
continuous offering of the ETF Units, a lower management fee,
increased diversification in a similar mandate and lower operating
costs. In connection with the Merger, the Manager will
also propose amendments to the Fund's declaration of trust in order
to accelerate the Fund's 2018 annual redemption in order to provide
unitholders with an opportunity to redeem their units at net asset
value if they do not wish to participate in the Merger.
If the Merger is approved, the Manager anticipates implementing
it in September 2018, subject to
obtaining any required third party or regulatory approvals in order
to effect the Merger.
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.
This communication is intended for informational purposes
only. You will usually pay brokerage fees to your dealer if
you purchase or sell units of this investment fund on the TSX. If
the units are purchased or sold on the TSX, investors may pay more
than the current net asset value when buying units of the
investment fund and may receive less than the current net asset
value when selling them. There are ongoing fees and expenses
associated with owning units of an investment fund. An investment
fund must prepare disclosure documents that contain key information
about the fund. You can find more detailed information about the
fund in these documents. Investment funds are not guaranteed, their
values change frequently and past performance may not be
repeated.
This press release contains forward-looking statements and
information within the meaning of applicable securities
legislation. Forward-looking statements can be identified by the
expressions "seeks", "expects", "believes", "anticipates",
"estimates", "will", "target" and similar expressions. The
forward-looking statements are not historical facts but reflect the
current expectations of First Asset regarding future results or
events and are based on information currently available to them.
Certain material factors and assumptions were applied in providing
these forward-looking statements. All forward-looking statements in
this press release are qualified by these cautionary statements.
First Asset believes that the expectations reflected in
forward-looking statements are based upon reasonable assumptions;
however, First Asset can give no assurance that the actual results
or developments will be realized. These forward-looking statements
are subject to a number of risks and uncertainties that could cause
actual results or events to differ materially from current
expectations. Readers, therefore, should not place undue reliance
on any such forward-looking statements. Further, a forward-looking
statement speaks only as of the date on which such statement is
made. First Asset undertakes no obligation to publicly update any
such statement or to reflect new information or the occurrence of
future events or circumstances except as required by securities
laws. These forward-looking statements are made as of the date of
this press release.
TMFirst Asset and its logo are trademarks of First
Asset Capital Corp., 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
Investments Inc., used under license.
SOURCE First Asset