First Asset Canadian Dividend Opportunity Fund

First Asset Canadian Dividend Opportunity Fund
First Asset

First Asset

April 17, 2012 17:48 ET

First Asset Canadian Dividend Opportunity Fund Press Release

TORONTO, ONTARIO--(Marketwire - April 17, 2012) - First Asset Canadian Dividend Opportunity Fund (the "Fund") announces its scheduled conversion into an open-end mutual fund is scheduled to be completed on April 19, 2012. In connection with this conversion, the Fund's units were delisted from the Toronto Stock Exchange on April 13, 2012.

Following the completion of the conversion:

  • The Fund's existing units will be redesignated as Class A units (initial sales charge option) in anticipation of the Fund offering new units pursuant to a simplified prospectus it anticipates clearing with certain Canadian securities commissions or similar authorities.

  • The Fund's investment objectives will remain the same, other than such changes required in order to comply with applicable rules governing mutual funds. In particular, the Fund will no longer be permitted to utilize leverage to pursue its investment objectives.

  • The servicing fee to be paid to registered dealers in respect of units outstanding prior to the conversion date will increase from 0.5% to 1.0% per annum. In connection with this increase, the Fund also announces that it has amended and restated its annual management report of fund performance for the year-ended December 31, 2011 in order to disclose this upcoming increase.

  • Units of the Fund will be redeemable daily on demand at net asset value.

  • The record date for the Fund's monthly distribution will change from the last business day of each month to the second last business day of each month to reflect industry practice.

The Fund also announces a monthly distribution in the amount of $0.05 per unit for the month-ended April 30, 2012. The distribution will be paid on or before April 30, 2012 to holders of record of Class A Units on April 27, 2012.

Contact Information

  • First Asset
    Rob MacNiven
    Investor Relations
    416-642-1289 or 1-877-642-1289
    www.firstasset.com