TORONTO, ONTARIO--(Marketwired - Dec. 13, 2013) - Redwood Asset Management Inc. ("Redwood") and Aston Hill Asset Management Inc. ("Aston Hill") are pleased to announce the results of the meeting of securityholders (the "Meeting") of the Redwood Energy Growth Class (the "Fund") held on December 13, 2013. The Fund represents the sole outstanding class of mutual fund shares of Ark Resource Corp. ("Ark Corp.").
At the Meeting, securityholders of the Fund approved the previously announced change of manager of the Fund from Redwood to Aston Hill (the "Change of Manager"). The Change of Manager is expected to become effective on or about January 1, 2014.
Effective on the Change of Manager, the name of the Fund will be changed by Aston Hill to "AH Energy Growth Class". There is no intention to change the current investment objectives, strategies or fees and expenses of the Fund.
Securityholders of the Fund also approved the previously announced transaction pursuant to which, and subject to the completion of the Change of Manager, the assets of Ark Corp. will be combined with the assets of Aston Hill Corporate Funds Inc. ("Aston Hill Corp."), a multi-fund mutual fund corporation (collectively, the "Amalgamation"). As a result of the Amalgamation the Fund will represent a newly created class of mutual fund shares of Aston Hill Corp. The Amalgamation will benefit securityholders of the Fund as it will enable securityholders to switch to other Aston Hill funds within Aston Hill Corp. on a tax deferred basis. It is anticipated that the Amalgamation will be effective by no later than on or about March 31, 2014.
Aston Hill is a wholly-owned subsidiary of Aston Hill Financial Inc. (TSX:AHF). Aston Hill Financial Inc. is a diversified asset management company with a suite of retail mutual funds, closed end funds, private equity funds, hedge funds and segregated institutional funds. Aston Hill Financial Inc. has offices in Calgary, Toronto and Halifax.
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 U.S. news wire services.
This news release contains certain "forward-looking statements". The statements that are not historical facts contained in this press release are forward-looking statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.