TORONTO, Dec. 13, 2017 (GLOBE NEWSWIRE) -- Purpose Investments Inc. (“Purpose”), the manager of Energy Credit Opportunities Income Fund (TSX:PCF.UN) (the “Fund”), announced that at a special meeting of unitholders held today, the unitholders approved the previously announced proposal to convert the Fund from a closed-end fund into an actively managed exchange-traded fund (the “ETF”), to be renamed Redwood Energy Credit Fund or such other name as the manager of the Fund may determine in its discretion (collectively, the “Conversion”) as contemplated in the management information circular of the Fund dated November 8, 2017 (the “Circular”).
The Conversion will involve, among other things:
- All amendments to the declaration of trust of the Fund considered necessary or desirable, in the opinion of the manager of the Fund, to facilitate and implement the Conversion, including without limitation, amendments to the provisions attaching to the units of the Fund and the operation, administration and related administration fees of the Fund, as described more particularly in the accompanying Circular;
- Amendments to investment strategies and investment restrictions of the Fund, as described more particularly in the Circular; and
- All such matters ancillary to, or necessary or desirable, in the discretion of Purpose Investments Inc. to implement the Conversion.
A preliminary simplified prospectus has been filed with the securities regulatory authorities to qualify the continuous offering of units of the Fund as an ETF under the name of Redwood Energy Credit Fund. Redwood Asset Management will also replace Lazard Asset Management as the sub-advisor to the Fund on December 18, 2017 and will serve as sub-advisor after the Conversion.
Purpose has received conditional approval from the NEO to list the units of the Fund on the NEO exchange, and anticipates that the securities of the Fund will be voluntarily delisted from the TSX on Wednesday, December 27, 2017 and listed on the NEO Exchange on Thursday, December 28, 2017. The conversion of the Fund into an ETF is expected to occur in early January 2018.
About Purpose Investments Inc.
Purpose Investments Inc. is an asset management firm inspired by the belief that all investors should have access to great investment products along with low fees. Purpose believes in focusing first on managing risk and creating value that is currently missing from the marketplace, thus empowering all Canadians to be better investors. Purpose has over $3.6 billion in assets under management and currently offers 35 exchange traded funds and mutual funds and 7 closed-end funds across multiple asset classes and both traditional and alternative investment strategies. Redwood Asset Management, a wholly owned subsidiary of Purpose, is a Toronto-based investment fund manager focused on delivering unique investment solutions managed by boutique global investment managers to Canadian investors.
For further information please contact:
Nancy Turner
Purpose Investments Inc.
Tel: (877) 789-1517
Email: info@purposeinvest.com
Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
