TORONTO, June 24, 2020 (GLOBE NEWSWIRE) -- Purpose Investments Inc. ("Purpose") announced today that it will terminate Purpose Canadian Financial Income Fund (TSX ticker: BNC) (the "Fund") and will redeem all of its issued and outstanding ETF units, Series A shares, Series F shares and Series XF shares (collectively, the "Shares") in accordance with the terms of the Fund's constating documents. It is anticipated that the termination will occur on or about August 25, 2020 (the "Termination Date").
The decision to close the Fund was driven primarily by the Fund's relatively low assets under management and the costs associated with maintaining a fund of this size. Such factors have made it difficult to efficiently manage the Fund in accordance with its intended investment objective. As a result, the termination, in the view of Purpose, is in the best interests of the Fund's Shareholders.
Shares of the Fund are not currently available for purchase, including purchases made through a pre-authorized purchase plan.
The redemption price payable for the Shares will be an amount equal to the net asset value per Share of the applicable series on the Termination Date.
As stated above, the effective date of termination of the Fund is expected to be on or about August 25, 2020. If you still hold a position in the Fund at 4:00 pm EST on the Termination Date, your position will be liquidated, with the proceeds either deposited into your account or a cheque mailed directly to you or to your dealer, nominee or intermediary, depending on your account registration. If you hold Shares of the Fund, there may be tax implications to any disposition of your holdings. We strongly urge you to contact your financial advisor to discuss the financial and tax implications associated with a redemption of Shares and the termination of the Fund in your particular circumstances.
About Purpose Investments
Purpose Investments is an asset management company with more than $9-billion under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent technology-driven financial services company.
For further information please contact:
Purpose Investments Inc.
Tel: (877) 789-1517
Email: [email protected]
Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This press release is not for dissemination in the United States or for distribution to US news wire services.
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