BERWYN, Pa., July 6, 2016 /PRNewswire/ -- Turner Investments, L.P. ("Turner"), the investment adviser to the Turner Funds (the "Funds"), today announced that it has entered into an agreement (the "Merger Agreement") to facilitate the merger of Turner with an affiliate of Veracen, LP ("Veracen").
Turner also announced today that the Board of Trustees (the "Board") of the Funds approved a new investment advisory agreement (the "New Advisory Agreement") between the Funds and Turner, subject to shareholder approval and other conditions.
The Board also nominated a new slate of trustees (the "Trustee Nominees") for election by the shareholders of the Funds. The merger is not conditioned on the approval of Funds' shareholders. Subsequent to the closing of the merger, Turner will continue to manage the Funds pursuant to an interim advisory agreement until the receipt of shareholder approval of the New Advisory Agreement.
The Board will call a special meeting of shareholders of the Funds to be held within 150 days of closing of the merger. The special meeting is to seek approval of the New Advisory Agreement and to elect the Trustee Nominees. The Funds will not bear any of the costs or expenses associated with the preparation of the proxy statement or the solicitation of stockholder votes.
This press release is neither an offer to sell, nor a solicitation of an offer to buy, shares of the Turner Funds, nor is it a solicitation of any proxy.
Turner Investments is an employee-owned firm founded in 1990 by Robert E. Turner, which is dedicated solely to the investment advisory business. The firm is a quality-based fundamental equity manager with a disciplined, team-oriented investment process. Turner maintains a firm-wide commitment to fundamental research and growth investment strategies. For Fund shareholder-related questions, please contact Turner at 484.329.2300. You may also visit http://www.turnerinvestments.com for more information about Turner and its products and services.
The Turner Funds are open-end diversified investment management companies whose objective is to seek returns by investing, under normal circumstances, in equity securities. For more information about the Funds, please visit http://www.turnerinvestments.com/turner-funds/.
Turner Investment Holdings LP is an investment holding company and an affiliate of Veracen LP, which is a private investment firm engaged through its subsidiaries in the creation and investment management of registered investment companies.
THE FUND, ITS TRUSTEES AND EXECUTIVE OFFICERS, AND THE TRUSTEE NOMINEES, MAY BE DEEMED TO BE PARTICIPANTS IN THE FUNDS' SOLICITATION OF PROXIES FOR THE SPECIAL MEETINGS OF SHAREHOLDERS (THE "MEETINGS") DESCRIBED ABOVE. INFORMATION REGARDING THE INTERESTS OF THESE TRUSTEES AND EXECUTIVE OFFICERS, AND THE TRUSTEE NOMINEES IN THE SOLICITATION WILL BE INCLUDED IN THE PROXY STATEMENT FILED BY THE FUNDS WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "SEC") IN CONNECTION WITH THE MEETINGS.
SHAREHOLDERS OF THE FUNDS ARE ADVISED TO READ THE IMPORTANT INFORMATION IN THE PROXY STATEMENT AND OTHER PROXY MATERIALS CAREFULLY AS THEY BECOME AVAILABLE. PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV.
The Turner Funds are distributed by Foreside Fund Services, LLC, Portland, ME. The investor should consider the investment objectives, risks, charges and expenses carefully before investing. This information can be found in the prospectus. A free summary or statutory prospectus, which contains detailed information, including fees and expenses, and the risks associated with investing in this fund, can be obtained by calling 800.224.6312 or by visiting www.turnerinvestments.com/fundinfo. Read the prospectus carefully before investing. Past performance is no guarantee of future results. Mutual fund investing involves risk, including potential loss of principal. This communication should not be considered an offer to provide any product or service in any jurisdiction that would be unlawful under the securities laws of that jurisdiction.
Michael Herley, Kekst
Peter Hill, Kekst
Jena Dietrich, Marketing and Client Relations
Robert E. Turner, Chief Investment Officer
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SOURCE Turner Investments, L.P.