Toronto-based Dynamic Funds, a division of 1832 Asset Management L.P., is seeking unitholder approval to terminate Dynamic Protected Dividend Value Fund.
The firm will send out a management information circular and other proxy materials providing further details on the fund’s proposed termination to unitholders of record as of June 17, according to an announcement released on Friday. A special meeting of the fund’s unitholders for the purpose of receiving approval will take place Aug. 4; if approval is granted, the fund’s termination will take place on or about Sept. 9.
Unitholders will have the right to redeem securities of the fund up to the close of business on the effective date of the termination, and there will not be any redemption fees or sales charges payable on the termination of the fund by unitholders. Those who redeem their securities of the fund prior to the termination will forfeit any “guaranteed amount” as described in the simplified prospectuses of the fund.
The proposal to terminate the fund has received approval from Dynamic’s board of directors; the fund’s independent review committee has declared that the termination would achieve a fair and reasonable result for the fund.
The fund has been closed to new purchases since Nov. 23, 2000.
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