TORONTO, ONTARIO--(Marketwired - Jan. 14, 2016) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
BMO Nesbitt Burns Inc., the administrator (the "Administrator") of Star Yield Managers Class, a class of shares of Star Portfolio Corp. (the "Fund") (TSX:XYM), is pleased to announce that the previously announced conversion of the Fund to a "mutual fund trust" for purposes of the Income Tax Act (Canada) (the "Conversion"), as contemplated in the management information circular of the Fund dated September 8, 2015 (the "Circular"), has received all necessary regulatory approvals. The Fund's shareholders approved the Conversion on October 8, 2015.
The Conversion will occur after the close of business on January 15, 2016.
Pursuant to the Conversion, holders of Star Yield Managers Class shares ("Shares") will receive units of Star Yield Managers Trust in exchange for their Shares, on a one-for-one basis. Units of Star Yield Managers Trust will commence trading on the Toronto Stock Exchange on January 20, 2016 under the symbol "XYM.UN".
Star Yield Managers Trust will acquire substantially all of the assets and assume all of the liabilities of the Fund as part of the Conversion. Shareholders are not required to take any action in connection with the Conversion.
BMO Capital Markets
For further information, please contact BMO Capital Markets at 1.866.864.7760.
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 Fund and the Administrator. 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 Fund and the Administrator 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 Fund nor the Administrator 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.
Contact Information:
1.866.864.7760