Meadowbank Capital Inc.

Legg Mason BW Investment Grade Focus Fund
TSX : BWI.UN

February 03, 2014 17:13 ET

Meadowbank Capital Inc. Announces Results of Special Meeting of Unitholders

TORONTO, ONTARIO--(Marketwired - Feb. 3, 2014) - Meadowbank Capital Inc. ("Meadowbank"), as the manager of the Legg Mason BW Investment Grade Focus Fund (TSX:BWI.UN) (the "Fund"), and Purpose Investments Inc. ("Purpose") are pleased to announce that they have received all necessary unitholder approvals in connection with the proposed purchase of the Fund by Purpose at a special meeting of unitholders held on February 3, 2014 (the "Meeting").

At the Meeting, unitholders approved: (1) a change in the manager and the investment manager of the Fund from Meadowbank and Meadowbank Asset Management Inc. to Purpose (the "Change of Manager"); (2) a change of the auditors of the Fund to the auditors of the Purpose Fund, Ernst & Young LLP (the "Change of Auditor"); and (3) the merger ("Merger") of the Fund with the Limited Duration Investment Grade Preferred Securities Fund, a fund managed by Purpose, (the "Purpose Fund").

Subject to the receipt of regulatory approvals, closing of the Change of Manager and the Change of Auditor is anticipated to occur on or about February 28, 2014, with the Merger to be completed as soon as possible thereafter.

The exchange ratio for the Merger will be calculated as the relative net asset value between the units of the Fund and the Class A units of the Purpose Fund as of the close of business on the effective date of the Merger.

About Meadowbank Capital Inc.

Meadowbank is an investment fund manager. Its principal office is located at 25 Adelaide Street East, Suite 1710, Toronto, Ontario, M5C 3A1. For further information on Meadowbank, please visit the web site www.meadowbankcapital.com.

About Purpose Investments Inc.

Purpose is an investment management firm inspired by the belief that all investors should have access to great investment products at reasonable fees. Through innovative and thoughtful product design and development, Purpose's investment strategies are managed with prudence, a long-term perspective, and with the goal of providing returns that are consistently better than those of a benchmark index. Purpose believes in focusing first on managing risk and creating value that is currently missing from the marketplace, thus empowering all Canadians to be better investors. Purpose is the manager of NexC Partners Corp. (TSX:NXC), an investment corporation which invests in a portfolio of North American dividend-paying equity securities plus an equity stake in Purpose.

For more information about Purpose, visit www.purposeinvest.com or follow Purpose on twitter @purposeinvest.

Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent that they relate to the Fund. These forward-looking statements are not historical facts but reflect Meadowbank's 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 Meadowbank believes that the assumptions inherent in these 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. Meadowbank does not 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.

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