Caldwell Investment Management Ltd. publicly announced the completion of the previously announced merger of Clearpoint Global Dividend Fund and Caldwell U.S. Dividend Advantage Fund on October 30, 2019. Furthermore, Caldwell U.S. Fund will be continuing the fund.
Report says the merger was effected on a tax-deferred basis with the funds not being responsible for any of the costs and expenses associated with the merger, as they were borne by Caldwell Investment Management, which is also the manager of the funds.
In addition, pursuant to the merger, Series A units of Clearpoint Global Fund were exchanged for Series A units of Caldwell U.S. Fund in accordance with an exchange ratio of 0.6527 units of Caldwell U.S. Fund per unit of Clearpoint Global Fund. Series F units of Clearpoint Global Fund were exchanged for Series F units of Caldwell U.S. Fund in accordance with an exchange ratio of 0.7781 units of Caldwell U.S. Fund per unit of Clearpoint Global Fund.
As of the close of business on October 29, 2019, the exchange ratios were calculated based on the net asset value per unit of the respective series for each fund. Moreover, former unitholders of Clearpoint Global Fund are not required to take any action in order to be recognized as unitholders of Caldwell U.S. Fund. The unitholders of Caldwell U.S. Fund are not required to take any action as they will continue as unitholders of Caldwell U.S. Fund.
Caldwell Investment Management Ltd. Background
Caldwell Investment brings expertise in the management of dividend-paying equity mandates to the table. This, along with a particular emphasis on funds focused on issuers domiciled in Canada and the U.S., consistent with the investment approach employed by the GDF Fund over the past years.
They are a Toronto-based firm providing investment management services to pooled and mutual funds. Established in 1990, Caldwell has established and maintained its reputation for excellence in the investment management industry, providing innovative investment solutions to meet the requirements of individual and institutional investors.
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(Disclaimer : We are not associated with Caldwell Investment Management)