TORONTO, Aug. 24, 2018 (GLOBE NEWSWIRE) -- Purpose Investments Inc. (the “Manager”) announced today the exchange ratios (each an “Exchange Ratio” and collectively, the “Exchange Ratios”) for the previously announced mergers of each terminating fund (each a “Terminating Fund” and collectively the “Terminating Funds”) into the corresponding continuing fund (each a “Continuing Fund” and collectively, the “Continuing Funds”) shown opposite its name as shown in the chart below (each a “Merger” and collectively the “Mergers”).
Pursuant to the Mergers, each holder of units or shares, as applicable, of a Terminating Fund will automatically receive units or shares, as applicable, of its corresponding Continuing Fund given the stated Exchange Ratio for each unit or share, as applicable, of the Terminating Fund held on the effective date of the Merger (close of business on August 24, 2018). No fractional mutual fund or ETF units or shares, as applicable, of a Continuing Fund or cash in lieu thereof will be issued or paid under a Merger.
| TERMINATING FUND | Class / Series | Fundserv / Ticker | CONTINUING FUND | Class / Series | Fundserv/ Ticker | Exchange Ratio |
| Redwood Unconstrained Bond Fund | A | RAM127 | Purpose Floating Rate Income Fund | A | PFC3300 | 0.883326 |
| Redwood Unconstrained Bond Fund | F | RAM128 | Purpose Floating Rate Income Fund | F | PFC3301 | 0.915692 |
| Redwood Unconstrained Bond Fund | A USD | RAM130 | Purpose Floating Rate Income Fund | A non-currency hedged (USD) | PFC3380 | 1.167717 |
| Redwood Unconstrained Bond Fund | F USD | RAM131 | Purpose Floating Rate Income Fund | F non-currency hedged (USD) | PFC3381 | 1.180092 |
| Redwood Unconstrained Bond Class | A | RAM125 | Purpose Floating Rate Income Fund | A | PFC3300 | 0.957613 |
| Redwood Unconstrained Bond Class | F | RAM126 | Purpose Floating Rate Income Fund | F | PFC3301 | 0.974917 |
| Redwood Unconstrained Bond Class | X | RAM123 | Purpose Floating Rate Income Fund | A | PFC3300 | 0.961877 |
| Redwood Unconstrained Bond Class | Y | RAM124 | Purpose Floating Rate Income Fund | F | PFC3301 | 1.021972 |
| Redwood Global Infrastructure Fund | A | MQI.UN | Purpose Diversified Real Asset Fund | ETF | PRA | 0.497073 |
| Limited Duration Investment Grade Preferred Securities Fund | A | PFD.UN | Purpose U.S. Preferred Share Fund | ETF | RPU | 0.881314 |
| Limited Duration Investment Grade Preferred Securities Fund | F | not listed | Purpose U.S. Preferred Share Fund | ETF | RPU | 0.963747 |
| Limited Duration Investment Grade Preferred Securities Fund | U | PFD.U | Purpose U.S. Preferred Share Fund | ETF non-currency hedged | RPU.U | 1.301973 |
| Limited Duration Investment Grade Preferred Securities Fund | V | not listed | Purpose U.S. Preferred Share Fund | ETF non-currency hedged | RPU.U | 1.379099 |
Units of Redwood Global Infrastructure Income Fund were delisted from the Toronto Stock Exchange and units of Limited Duration Investment Grade Preferred Securities Fund were delisted from the Aequitas NEO Exchange at the close of business on August 24, 2018.
Securityholders of the Terminating Funds are not required to take any action in order to become securityholders of their corresponding Continuing Funds.
Complete details regarding the Mergers, including the tax basis of the Mergers and the matters considered at the special meetings, were outlined in the management information circular dated July 4, 2018 (the “Circular”) sent to securityholders of the Terminating Funds and the Voting Continuing Funds (as defined in the Circular) of record as of July 3, 2018, available on www.sedar.com.
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.
