Ridgewood Canadian Investment Grade Bond Fund announces proposal of extension of term and creation of second class of units
TORONTO, June 14, 2013 /CNW/ - Ridgewood Capital Asset Management Inc. (the "Manager"), the manager of Ridgewood Canadian Investment Grade Bond Fund (TSX: RIB.UN) (the "Fund"), announces that a special meeting (the "Meeting") of holders (the "Unitholders") of the Fund's units (the "Units") will be held on July 25, 2013, commencing at 10:00 a.m. at the offices of Fasken Martineau DuMoulin LLP, 333 Bay Street, Suite 2400, Toronto, Ontario.
The purpose of the Meeting is to seek Unitholder approval of a five-year extension of the term of the Fund from December 31, 2014 until December 31, 2019 (the "Proposed Extension").
Details regarding the Proposed Extension will be contained in an information circular (the "Circular") which is expected to be mailed to Unitholders in early July 2013. The record date for the special meeting is June 24, 2013. Unitholders are encouraged to complete and return their proxy forms in order that their Units can be voted at the Meeting. The board of directors of the Manager has determined that the Proposed Extension is in the best interest of the Fund and, accordingly, recommends that Unitholders vote in favour of the ordinary resolution authorizing the Proposed Extension.
In connection with the Meeting, TD Securities Inc. ("TDSI") was engaged to act as financial advisor and assist the Fund in obtaining proxies in favour of the Proposed Extension.
In addition to the business to be conducted at the Meeting, the Manager has authorized the Fund to create a second class of units of the Fund (the "Class B Units"). A description of the terms and conditions attaching to the Class B Units will be provided in the Circular.
The Proposed Extension and the proposed creation of the Class B Units are subject to approval of the Toronto Stock Exchange.
Certain statements in this press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events are not statements of historical fact and may be forward-looking statements. Statements which may constitute forward-looking statements relate to: the proposed timing of the Meeting, the mailing of the information circular and the record date for the Meeting; the nature of the Proposed Extension; the expected benefits of the Proposed Extension; and the creation of the Class B Units. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements including as a result of changes in the general economic and political environment, changes in applicable legislation, and the performance of the Fund. Such forward-looking statements are only predictions; actual events or results may differ materially and the Fund does not undertake any obligation to update such statements.
SOURCE Ridgewood Canadian Investment Grade Bond Fund