TORONTO, ONTARIO--(Marketwired - Aug. 31, 2016) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
BMO Nesbitt Burns Inc., the manager (the "Manager") of Global Water Solutions Fund ("Water Fund") is pleased to announce that the adjourned special meeting (the "Special Meeting") of unitholders of Water Fund (the "Unitholders") was held today.
At the Special Meeting, the Unitholders approved the previously announced merger (the "Merger") of Water Fund and Coxe Commodity Strategy Fund, with Water Fund being the continuing fund and all related transactions, including the issuance of such number of additional units of Water Fund as my be required to effect the Merger. As unitholders of Coxe Global Agribusiness Income Fund did not approve the proposed merger with Water Fund, Unitholders did not vote on the proposed merger with Coxe Global Agribusiness Income Fund.
Subject to regulatory approval, it is proposed that the Merger will occur after the close of business on or about October 7, 2016 or such later date as may be determined by the Manager. The Merger will be effected on a taxable basis to preserve Water Fund's unused capital losses (realized and accrued), which would otherwise expire if an election were made that the Merger be a "qualifying exchange" as defined under the Income Tax Act (Canada) and occur on a tax-deferred basis. As a result of effecting the Merger on a taxable basis, the unused capital losses of Water Fund will be available to shelter capital gains realized by Water Fund in future years and thereby reduce the amount of taxable distributions to be made to investors in Water Fund.
Details regarding the proposed Merger are contained in the management information circular dated July 29, 2016, which was mailed to Unitholders and is available on www.sedar.com.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will", "estimate" and similar expressions to the extent they relate to the funds and the Manager. The forward-looking statements are not historical facts but reflect the current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the funds and the Manager believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Neither the funds nor the Manager undertake any obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.