Purpose Investments Inc. Announces Termination of Investment Grade Managed Duration Income Fund (PFU.UN) and US Banks Income & Growth Fund (PUB.UN)
11 January 2022 - 9:03AM
Purpose Investments Inc.
(“
Purpose”) announced today that it will terminate
Investment Grade Managed Duration Income Fund (NEO Ticker: PFU.UN)
and US Banks Income & Growth Fund (NEO Ticker: PUB.UN)
(together, the “
Funds”) and will redeem all of the
issued and outstanding Class T Units (the “
Units”)
of each Fund in accordance with the terms of each Fund’s amended
and restated declaration of trust. It is anticipated that each
termination will occur on or about January 31, 2022 (each a
“
Termination Date”). Purpose is the trustee and
manager of each Fund.
The decision to close the Funds was driven
primarily by the Funds’ relatively low assets under management and
the costs associated with maintaining funds of this size. Such
factors have made it difficult to efficiently manage the Funds in
accordance with their intended investment objectives. As a result,
each termination, in the view of Purpose, is in the best interests
of unitholders.
The redemption price payable for the Units will
be an amount equal to the net asset value per unit of the
applicable class of the applicable Fund on the Termination Date and
will be payable to unitholders on or before February 3, 2022.
It is anticipated that the Class T units of each
Fund will be voluntarily delisted from the NEO Exchange on or about
January 27, 2022 at the close.
As stated above, the effective date of
termination of the Funds is expected to be on or about January 31,
2022. If you still hold a position in a Fund at 4:00 pm EST on the
Termination Date, your position in such Fund 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 Units, there
may also be tax implications to any disposition of your holdings.
We strongly urge unitholders to contact their financial advisors to
discuss the financial and tax implications associated with a
redemption of their units and the applicable termination.
About Purpose InvestmentsPurpose Investments is
an asset management company with more than $14 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
Unlimited, an independent technology-driven financial services
company.
For further information please contact:Keera
HartKeera.Hart@kaiserpartners.com905-580-1257
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.
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