TORONTO, ON--(Marketwired - October 21, 2016) - Redwood Asset Management Inc. ("Redwood"), in its capacity as manager, announced today its intention to terminate Trapeze Value Class (the "Fund") on or about December 22, 2016. Effective October 21, 2016, the Fund will be closed to new purchases, including in respect of any pre-authorized purchase plans.
The decision to close the Fund was driven by its relatively low asset size and the costs associated with maintaining a fund of this size. Such factors have made it difficult to efficiently manage the Fund in accordance with its intended investment objectives and, in the view of Redwood, is in the best interests of shareholders.
As of today's date, the Fund may begin liquidating its portfolio investments and may no longer be fully invested in accordance with the stated investment objective outlined in the Simplified Prospectus.
Existing shareholders of the Fund have the option to redeem their investments at net asset value on or prior to the termination date. All shares not redeemed prior to the Fund's closure will be automatically redeemed at that time.
If required, a final distribution for the Fund will occur on or before the termination date.
In accordance with securities legislation, a notice describing details of the Fund's termination will be sent to shareholders of the Fund no less than 60 days prior to the effective date of termination. Existing shareholders of the Fund have the option to redeem their investments on or prior to the termination date.
Redwood encourages all shareholders to consult with their financial advisors to discuss the financial and tax implications of the termination and to determine the best course of action based on their personal investment needs and circumstances.
About Redwood Asset Management Inc.
Redwood Asset Management is a Toronto-based investment fund manager, focused on delivering unique investment solutions managed by boutique global investment managers to Canadian investors. Redwood Asset Management is a wholly owned subsidiary of Purpose Investments Inc. More information about Redwood's product offerings is available at www.redwoodasset.com.