Toronto-based First Asset Investment Management Inc. has received unitholder approval to merge First Asset Diversified Convertible Debenture Fund (DCD.UN: TSX), First Asset Canadian Convertibles Fund (ADC.UN: TSX) and First Asset North American Convertibles Fund (NCD.UN: TSX) into First Asset Canadian Convertible Bond ETF (CXF: TSX), the company announced Thursday.
Unitholders who would prefer not to participate in the merger may redeem units at net asset value by informing their broker or intermediary as soon as possible, some time before the deadline of 5 p.m. ET on Nov. 14 in case of delays.
First Asset says it anticipates the merger will occur in December, and will issue a press release confirming the date. The completion of one fund merger is not conditional on the completion of any other, First Asset says.
Unless they wish to redeem units, unitholders are not required to take any action.