TORONTO, ONTARIO--(Marketwired - Nov. 6, 2013) - Redwood Asset Management Inc. ("Redwood") and Aston Hill Asset Management Inc. ("Aston Hill") are pleased to announce that they have entered into an agreement dated November 6, 2013 (the "Agreement") pursuant to which the manager of Redwood Energy Growth Class (the "Fund"), the only outstanding class of mutual fund shares of Ark Resource Corp. ("Ark Corp."), is proposed to be changed from Redwood to Aston Hill (the "Change of Manager"), subject to the receipt of all necessary securityholder and regulatory approvals.
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.
The proposed Change of Manager will be subject to approval by the securityholders of the Fund at a special meeting to be held on December 13, 2013 (the "Special Meeting"). Prior to the Special Meeting, a notice of special meeting, management information circular and form of proxy will be mailed to securityholders. If approved, the proposed Change of Manager is expected to become effective on or about January 1, 2014 (the "Effective Date").
As part of the transaction, and subject to the approval and completion of the Change of Manager, the assets of Ark Corp. are intended to be combined with the assets of Aston Hill Corporate Funds Inc. ("Aston Hill Corp."), a multi-fund mutual fund corporation, with the result that the Fund will represent a newly created class of mutual fund shares of Aston Hill Corp. (collectively, the "Amalgamation"). 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. Approval for the Amalgamation will also be sought at the Special Meeting. It is anticipated that the Amalgamation will be effective on or after the Effective Date and by no later than on or about March 31, 2014.
Provided that the Change of Manager is effected, the auditor of the Fund is expected to be changed from Deloitte & Touche, LLP to PricewaterhouseCoopers LLP.
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.