FIG.PR.A To Merge into FCS

Faircourt Asset Management has announced:

The adjourned special meeting of unitholders of Faircourt Income & Growth Split Trust (“FIG”) which was originally held on September 13, 2010 but was adjourned for lack of quorum, was held today at which the unitholders of FIG approved the merger (the “Merger”) of FIG into and Faircourt Split Trust (“FCS”), as the continuing fund, as described in the joint management information circular dated August 13, 2010 (the “Circular”). The Merger is expected to occur on or about September 30, 2010.

The Merger is, in part, a response to expected changes in the taxation of income funds. As a result of these changes, there are now an insufficient number of “income funds” for FIG to continue to meet its investment restrictions. Concurrent with the Merger, the investment mandate of FCS, as the continuing trust, will be expanded to remedy this situation and FCS will be able to invest in a broader range of securities and adjust its portfolio in the future as and when required to respond to market movements, as described in the Circular.

The prior stage in this process was the approval by FIG.PR.A holders; today’s approval was by holders of FIG.UN.

FIG.PR.A is tracked by HIMIPref™ but is relegated to the Scraps index on credit concerns.

One Response to “FIG.PR.A To Merge into FCS”

  1. […] was last mentioned on PrefBlog when the merger and exchange was approved. FCS.PR.B is tracked by HIMIPref™, but is relegated to the Scraps index on credit […]

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