TD Sells Sponsored Company Agreements To Timbercreek

This is late … really late! But better late than never.

On August 22, TD Bank announced:

TD Sponsored Companies Inc. (“TDSCI”) is pleased to announce that shareholders of TD Split Inc. (TSX:TDS), 5Banc Split Inc. (TSX:FBS) and Big 8 Split Inc. (TSX:BIG) (collectively, the “Funds”) today approved the proposed change in the administrator and investment manager of the Funds to Timbercreek Asset Management Ltd. (“Timbercreek”) from TDSCI, as more fully described in the Funds’ management information circular dated July 3, 2014.

The Transaction is expected to close in the middle of September 2014, subject to, among other conditions, obtaining all required regulatory approvals, at which time Timbercreek will become the administrator and investment fund manager of each Fund.

On September 19 it was further announced:

TD Sponsored Companies Inc. (“TDSCI”) and Timbercreek Asset Management Ltd. (“Timbercreek”) announced today the completion of the previously announced transaction pursuant to which Timbercreek has acquired the rights to administer and manage TD Split Inc., 5Banc Split Inc. and Big 8 Split Inc. (collectively, the “Funds”).

As a result of the transaction, Timbercreek now acts as administrator and investment fund manager of the Funds.

According to information on SEDAR, to which I am not permitted to link directly because I am a member of the public and the Canadian Securities Administrators have determined that scumbag members of the public are not permitted to link to public documents, but one of which is referenced as “TD Split Inc. Aug 1 2014 10:50:29 ET Management information circular – English PDF 91 K”:

Recently, TDSCI determined that acting as administrator for closed-end funds does not represent a core business focus going forward and is therefore seeking to exit the closed-end fund business at this time. On June 24, 2014, TDSCI and Timbercreek announced that they had entered into a definitive agreement (the ‘‘Transaction’’) pursuant to which Timbercreek agreed to acquire the rights to act as administrator and investment fund manager to the Funds under (i) the administration agreement dated November 15, 2010 between TD Split Inc. and TDSCI, (ii) the administration agreement dated December 15, 2011 between 5Banc Split Inc. and TDSCI and (iii) the administration agreement dated December 15, 2013 between Big 8 Split Inc. and TDSCI (collectively, the ‘‘Administration Agreements’’ and each, an ‘‘Administration Agreement’’).

Timbercreek Asset Management Ltd. has a value oriented investment philosophy, and specializes in providing conservatively managed, risk averse alternative asset class investment opportunities to institutions, trusts and endowment funds, discretionary investment advisors and qualified individuals. Timbercreek, a wholly owned subsidiary of Timbercreek Asset Management Inc., is an investment management company that employs a conservative and risk averse approach to real estate based investments. Timbercreek Asset Management Inc. is principally owned by 2314716 Ontario Limited, which in turn is principally owned, directly or indirectly, by R. Blair Tamblyn, Ugo Bizzarri and Tye Bousada. Its head office is located at 1000 Yonge Street, Suite 500, Toronto, Ontario, M4W 2K2.

The preferred shares affected, with links to their new websites, are:

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