TORONTO (June 17, 2019) – TORONTO, June 17, 2019 /CNW/ - CI Investments Inc., (the "Manager"), as manager of Skylon Growth & Income Trust (the "Fund") (TSX: SKG.UN), has announced that at the adjourned special meeting of the unitholders of the Fund held today, unitholders approved certain amendments to the Fund's declaration of trust (the "DOT Amendments") in order to, among other things, amend the investment objectives of the Fund to allow it to invest in equity and fixed-income securities of countries and companies located anywhere in the world and to extend the termination date of the Fund. Unitholders also approved, following the implementation of the DOT Amendments, the merger (the "Merger") of the Fund into CI First Asset Global Asset Allocation ETF (the "ETF"), a new exchange-traded fund that is being established by First Asset Investment Management Inc., an affiliate of the Manager.
The DOT Amendments will take effect prior to June 30, 2019. The implementation of the Merger is subject to certain third-party and regulatory approvals in respect of the ETF (the "Approvals"), including obtaining a receipt for the final prospectus of the ETF. The Manager currently anticipates that the Merger will be implemented in July 2019. The Manager will issue a press release announcing the effective date of the Merger as soon as practicable after all Approvals have been obtained.
Unitholders of the Fund who do not wish to participate in the Merger or remain invested in the Fund may redeem all, or a portion of, their units of the Fund at a redemption price equal to the net asset value of the units determined on June 28, 2019, less any costs associated with funding the redemption, including commissions and other such costs, if any. Unitholders who wish to redeem their units of the Fund must give notice to the Manager prior to 5:00 p.m. (Eastern Time) on June 21, 2019. Such Unitholders must inform their advisor or other intermediary sufficiently in advance of June 21, 2019 of their desire to redeem their units, as their advisor or other intermediary may have an earlier redemption notice deadline.
Unitholders are not required to take any action in connection with the DOT Amendments or the Merger. Further details are described in the Fund's management information circular dated April 18, 2019.
About CI Investments – Trusted Partner in WealthTM
CI Investments is one of Canada’s largest investment management companies. It offers a wide range of investment products and services, and is on the Web at www.ci.com. CI is a subsidiary of CI Financial Corp. (TSX: CIX), an independent, Canadian-owned wealth management firm with $174.3 billion in fee earning assets as of May 31, 2019.
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