TORONTO, Feb. 23, 2015 /CNW/ - Aston Hill Capital Markets Inc. ("Aston Hill") as Manager of Build America Investment Grade Bond Fund (the "Fund") announced that at a special meeting of holders ("Unitholders") of the Fund's units ("Units") held today, Unitholders overwhelmingly approved the conversion of the Fund ("Conversion"). The Conversion will involve, among other things:
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(i)
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delisting the Fund from the TSX effective the close of business on February 27, 2015 and converting the Fund to an open-ended daily redeemable mutual fund; and
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(ii)
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the change of investment mandate to broaden the types of securities that qualify for inclusion in the portfolio to include Canadian corporate bonds and other fixed income securities to be managed by Aston Hill Asset Management Inc., to enable the Fund to hold the portfolio of investments directly following the termination of the existing Forward Agreement and, except as otherwise approved by the securities regulatory authorities, to comply with the investment restrictions and practice prescribed by National Instrument 81-102 Investment Funds.
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The Fund will be renamed the Aston Hill Corporate Bond Fund effective February 27, 2015 once the Fund has delisted from the TSX. The existing Class A Units of the Fund will convert into Series X Units and the Class F Units into Series F Units of Aston Hill Corporate Bond Fund. The conversion ratio for both Class A Units and Class F Units will be 1:2. This means that 1 Class A Unit will be converted into 2 Series X Units and 1 Class F Unit for 2 Series F Units. Current unitholders will be able to redeem their Units upon completion of dealer processing. A preliminary prospectus has been filed with the securities regulatory authorities to qualify the continuous offering of the Fund as a mutual fund.
Details of the Conversion are outlined in the information circular dated January 23, 2015, prepared in connection with the special meeting which is available on www.sedar.com.
About Build America Investment Grade Bond Fund
The Fund is an investment fund whose investment objectives are to (i) provide Unitholders with monthly tax-advantaged cash distributions, and (ii) maximize total return for Unitholders, while seeking to reduce risk.
Aston Hill Capital Markets Inc. is a leading Canadian structured financial products investment firm focused on creating and managing high quality investment vehicles. The Manager is a subsidiary of Aston Hill Financial Inc. (TSX:AHF). Aston Hill Financial Inc. is a diversified asset management company with a suite of retail mutual funds, closed end funds, private equity funds, hedge funds and segregated institutional funds. Aston Hill Financial Inc. has offices in Calgary, Toronto and Halifax.
SOURCE Aston Hill Capital Markets Inc.
Please contact your financial advisor, call Aston Hill's Sales and Marketing support line at 416-583-2300 (toll-free at 1-800-513-3868), or visit our website at www.astonhill.ca.Copyright CNW Group 2015