TORONTO, Aug. 21, 2018 (GLOBE NEWSWIRE) -- As previously announced, Purpose Investments Inc. (“Purpose”) has confirmed that the following previously announced mergers (the “Mergers”) have received all necessary approvals:

TERMINATING FUND CONTINUING FUND
Redwood Unconstrained Bond Fund→Purpose Floating Rate Income Fund
Redwood Unconstrained Bond Class→Purpose Floating Rate Income Fund
Redwood Global Infrastructure Income Fund→Purpose Diversified Real Asset Fund
Limited Duration Investment Grade Preferred Securities Fund→Purpose US Preferred Share Fund

These Mergers are a continuation of Purpose’s efforts to enhance and improve its product lineup, and ensure investors have access to the best solutions to help drive better portfolio outcome.

Redwood Global Infrastructure Income Fund and Limited Duration Investment Grade Preferred Securities Fund are each Terminating Funds structured as closed-end funds (the “Closed-End Terminating Funds”) whose units are currently listed on the Toronto Stock Exchange (in the case of Redwood Global Infrastructure Income Fund) or Aequitas NEO Exchange Inc. (in the case of Limited Duration Investment Grade Preferred Securities Fund). 

Units of the Closed-End Terminating Funds will be delisted after the close of business on August 24, 2018 (the “Effective Date”). The Mergers will subsequently be effected after the de-listings occur on the Effective Date. Securityholders of a Terminating Fund will receive that number of securities of its corresponding Continuing Fund as is equal to an exchange ratio based on the relative net asset values of the Terminating Fund and its Continuing Fund, calculated at the close of business on the Effective Date.

Complete details regarding the Mergers and the matters considered at the special meetings were outlined in the management proxy circular dated July 4, 2018 sent to applicable securityholders of record as of July 3, 2018.

About Purpose Investments

Purpose Investments is an asset management company with approximately $5.7 billion under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent technology-driven financial services company.

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 fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. 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.

This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This press release is not for dissemination in the United States or for distribution to U.S. news wire services.