/NOT FOR DISSEMINATION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES OF AMERICA./
TORONTO, July 10, 2015 /CNW/ - First Asset Investment
Management Inc. announces that the shareholders of CanBanc Income
Corp. (the "Fund") (TSX: CIC.UN) approved the elimination of the
Fund's fixed termination date and the conversion of the Fund into
an exchange-traded fund ("ETF").
The implementation of the conversion of the Fund into an ETF
(the "ETF Conversion") is subject to certain third party and
regulatory approvals. First Asset currently anticipates that
the ETF Conversion will be implemented in September 2015. First Asset will issue a press
release announcing the effective date of the ETF Conversion as soon
as practicable after all of the approvals have been obtained.
Shareholders will not be required to take any action in
connection with the ETF Conversion.
"The ETF Conversion will provide shareholders with all of the
benefits that ETFs offer, while also preserving valuable tax
attributes of the Fund and allowing existing shareholders the
ability to continue to defer any existing capital gains," noted
Barry Gordon, President and CEO,
First Asset Investment Management Inc. "The Fund delivered on its
investment objectives and as an ETF will continue to provide an
excellent choice for investors to obtain exposure to Canada's largest banks, while earning higher
distributions from option premiums earned through the systematic
25% covered call overlay."
In connection with the ETF Conversion, the Fund will implement a
special redemption right for those shareholders who do not wish to
remain as investors in the Fund. Shareholders who wish to
exercise the redemption right must provide notice no later than
5 p.m. (Toronto time) on August
17, 2015. Shareholders are advised to inform their
advisor or other intermediary sufficiently in advance of
August 17, 2015 of their desire to
redeem their shares as their advisor or other intermediary may have
an earlier cut-off deadline. Shareholders who redeem their
shares will receive the net asset value per share of the Fund on
August 31, 2015. The
proceeds of the special redemption will be paid on or before
September 22, 2015.
First Asset - Smart SolutionsTM
First
Asset is an independent investment firm, focused on providing
smart, low cost solutions that address the real-world investment
needs of Canadians - capital appreciation, income generation and
risk mitigation. 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.
SOURCE First Asset