Redwood Asset Management Inc. and Aston Hill Asset Management Inc. Announce that the Change of Manager of Redwood Income Strategies Class and the Related Merger with Aston Hill Growth & Income Fund Have Been Approved
March 28, 2014
TORONTO, March 28, 2014 /CNW/ – Redwood Asset Management Inc. (“Redwood“) and Aston Hill Asset Management Inc. (“Aston Hill“) are pleased to announce the results of the meeting of securityholders (the “Meeting“) of the Redwood Income Strategies Class (the “Fund“) held on March 28, 2014. The Fund represents a class of shares of Ark Mutual Funds Ltd. (“Ark Ltd“).
At the Meeting, securityholders of the Fund approved the previously announced proposed change of manager of the Fund from Redwood to Aston Hill (the “Change of Manager“). The Change of Manager is expected to become effective on or about April 15, 2014.
Securityholders of the Fund also approved the previously announced transaction pursuant to which, and subsequent to the completion of the Change of Manager, the Fund will be merged into Aston Hill Growth & Income Fund (the “Continuing Fund“). As a result of the Merger, the securityholders of the Fund will become securityholders of the Continuing Fund (the “Merger“). The Continuing Fund is a retail mutual fund structured as a trust and managed by Aston Hill. The Merger is anticipated to benefit securityholders of the Fund for a variety of reasons, including, as a result of the Merger, an expected reduction in applicable fees. It is anticipated that the Merger will be effective after the close of business on or about April 15, 2014. Aston Hill is the portfolio manager of the Fund and will remain as the portfolio manager for the Continuing Fund.