Purpose Investments Inc. Announces Termination of Purpose Canadian Financial Income Fund
June 24 2020 - 6:00PM
Purpose Investments Inc. (“
Purpose”) announced
today that it will terminate Purpose Canadian Financial Income Fund
(TSX ticker: BNC) (the “
Fund”) and will redeem all
of its issued and outstanding ETF units, Series A shares, Series F
shares and Series XF shares (collectively, the
“
Shares”) in accordance with the terms of the
Fund’s constating documents. It is anticipated that the termination
will occur on or about August 25, 2020 (the “
Termination
Date”).
The decision to close the Fund was driven
primarily by the Fund’s relatively low assets under management and
the costs associated with maintaining a fund of this size. Such
factors have made it difficult to efficiently manage the Fund in
accordance with its intended investment objective. As a result, the
termination, in the view of Purpose, is in the best interests of
the Fund’s Shareholders.
Shares of the Fund are not currently available
for purchase, including purchases made through a pre-authorized
purchase plan.
The redemption price payable for the Shares will
be an amount equal to the net asset value per Share of the
applicable series on the Termination Date.
As stated above, the effective date of
termination of the Fund is expected to be on or about August 25,
2020. If you still hold a position in the Fund at 4:00 pm EST on
the Termination Date, your position will be liquidated, with the
proceeds either deposited into your account or a cheque mailed
directly to you or to your dealer, nominee or intermediary,
depending on your account registration. If you hold Shares of the
Fund, there may be tax implications to any disposition of your
holdings. We strongly urge you to contact your financial advisor to
discuss the financial and tax implications associated with a
redemption of Shares and the termination of the Fund in your
particular circumstances.
About Purpose InvestmentsPurpose Investments is
an asset management company with more than $9-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:Matt PadanyiPurpose
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 US news wire services.
Purpose Canadian Financi... (TSX:BNC)
Historical Stock Chart
From Jul 2024 to Aug 2024
Purpose Canadian Financi... (TSX:BNC)
Historical Stock Chart
From Aug 2023 to Aug 2024