November 15, 2012 16:46 ET
TORONTO, ONTARIO--(Marketwire - Nov. 15, 2012) - First Asset Global Dividend Fund announces that a special meeting of the Unitholders of the Fund will be held on Thursday, December 6, 2012. If required, an adjourned meeting will be held on December 13, 2012.
At the meeting, Unitholders will be asked to consider and approve a revised investment objective for the Fund. The Fund's current objective is to invest in the 30 stocks comprising the Merrill Lynch RIS Index. First Asset Investment Management Inc. - the Manager - is seeking approval for a broader, more actively managed mandate, pursuant to which the Fund will seek to achieve long-term capital appreciation by investing, directly or indirectly, primarily in equity securities of companies located anywhere in the world (the "Proposed Objective").
In connection with implementation of the Proposed Objective, the Manager intends to implement four additional changes to the Fund's structure for the benefit of Unitholders. These changes are: (i) simplify the Fund's current fee structure in order to consolidate it and reduce (or maintain) the total management fee payable by the Fund, (ii) redesignate each of the nine outstanding classes of units of the Fund such that there will only be four classes of units outstanding; (iii) consolidate the number of outstanding units of each class such that immediately following consolidation, the net asset value per unit will be $10 per unit thereby enhancing Unitholders' ability to track the future performance of the Fund from and after the date upon which the Proposed Objective (if approved) is implemented; and (iv) reduce the total expense load payable by all unitholders of the Fund by voluntarily capping the annual management expense ratio applicable to each class of units. These additional changes do not require Unitholder approval.
If the Proposed Objective of the Fund is approved, the Manager expects that the transition to all the proposed changes will be fully implemented on or about January 1, 2013.
Unitholders of record on November 9, 2012 will be entitled to receive notice of and vote at the meetings. A copy of the Notice and Management Information Circular which details the matters to be considered at the meetings has been mailed to unitholders and is also available on www.sedar.com.
First AssetRobert MacNivenDirector of Investor Relations(416) 642-1289 or (877) 642-1289www.firstasset.com
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