Star Portfolio Corp.
TSX : XYM

Star Portfolio Corp.

October 08, 2015 13:47 ET

Star Portfolio Corp. Announces Shareholder Approval of Forward Settlement and Conversion

TORONTO, ONTARIO--(Marketwired - Oct. 8, 2015) -

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 special meeting (the "Special Meeting") of holders (the "Shareholders") of Star Yield Managers Class shares of the Fund was held today.

At the Special Meeting, the Shareholders approved the previously announced amendment of the investment objectives and the investment restrictions of the Fund in connection with the settlement of the Fund's forward agreement (the "Forward Settlement"), as contemplated in the management information circular of the Fund dated September 8, 2015 (the "Circular"). It is expected that the Forward Settlement will be implemented on or before October 28, 2015.

The Administrator also announces that at the Special Meeting, Shareholders approved the previously announced conversion of the Fund from a "mutual fund corporation" to a "mutual fund trust" (the "Conversion") for purposes of the Income Tax Act (Canada), as contemplated in the Circular. Based on additional tax advice received by the Administrator, it has been determined that the Conversion will be a more tax efficient transaction if implemented on or about January 15, 2016 and that such later date of Conversion is in the best interest of the Fund and the Shareholders. The Conversion remains subject to, amongst other things, receipt of all necessary regulatory approvals.

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

  • BMO Capital Markets
    1.866.864.7760