TORONTO, May 25, 2015 /CNW/ - First Asset Canadian REIT Income Fund (the "Fund") (TSX: RIT.UN) announces that a special meeting of unitholders will be held on Friday, June 19, 2015. If required, an adjourned meeting will be held on Tuesday, June 30, 2015.
At the meeting, unitholders will be asked to approve the conversion of the Fund from a closed-end fund to an exchange traded fund, including changes to the Fund's investment objectives, strategies and restrictions and certain other provisions contained in the Fund's declaration of trust related to the conversion.
First Asset Investment Management Inc., the manager of the Fund, believes that the conversion will benefit existing unitholders through greater market liquidity and trading efficiency, potential benefits from economies of scale through the continuous offering of units, and a reduction in the management fee to 0.75% from 1.05% of NAV per unit. If approved, the manager anticipates implementing the conversion in July, 2015, subject to obtaining a receipt for the final prospectus and any required third party or regulatory approvals.
The details of the meeting and the manager's proposals are further described in a management information circular to be mailed to unitholders on or about May 29, 2015.
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SOURCE First Asset