Toronto-based Scotia Managed Cos. Administration Inc. announced on Tuesday that it will terminate High Rock Canadian High Yield Bond Fund at the close of business on Dec. 29.
Scotia has concluded that it would no longer be economically practical to continue the fund after the annual redemption of its units are processed on Dec. 15, according to the firm’s announcement.
Unitholders will receive the net asset value per unit that is calculated after the close of business on Dec. 29, which will likely be paid to unitholders on Dec. 30.
“Trading of units over the Toronto Stock Exchange will continue until the close of business on Dec. 29 with abridged settlement procedures being in effect such that all trades occurring on or after Dec. 23 will settle on Dec. 29,” the announcement states.
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