OTTAWA, ONTARIO--(Marketwired - Oct. 10, 2013) - Brigata Capital Management Inc. ("Brigata Capital") today announced that effective January 1, 2014, subject to the closing of the transaction whereby IPC Portfolio Services Inc., a subsidiary of Investment Planning Counsel Inc., purchases the shares of Brigata Capital (the "Transaction") in connection with the proposed change in the manager of Brigata Diversified Portfolio (the "Fund") announced on August 20, 2013, and following the expiry of the applicable notice period, a fixed administration fee will be introduced and paid to the manager of the Fund in exchange for the manager paying certain operating expenses currently paid by the Fund (the "Fee Change"). Details of the proposed Fee Change will be set out in a notice to be mailed to unitholders of the Fund on or about October 11, 2013. On October 7, 2013, the independent review committee of the Fund reviewed the potential conflict of interest matters relating to the Fee Change and provided its recommendation for the Fee Change after considering whether the Fee Change achieves a fair and reasonable result for the Fund.
In the event the proposed change in manager described above is not approved by the securities regulators or is not approved at the meeting of unitholders of the Fund to be held on November 5, 2013 to consider the matter, and the parties to the Transaction nevertheless expect to complete the Transaction, the Fee Change will not be implemented and it is expected that the Fund will be terminated on or about December 17, 2013. Unitholders will continue to have the right to redeem their units in the Fund prior to the termination date.
About Brigata Capital Management Inc. ("IPG")
Since 2007, Brigata Capital has been committed to offer excellent performance, open communication, and expertise at every level of our organization. Brigata Capital delivers proven experience, unique access to highly qualified fund managers, and a shared vision of financial success as we help investors meet their individual investment goals. Through its mutual fund, the Brigata Diversified Portfolio, Brigata Capital manages approximately $45 million of assets under management.