TORONTO, May 05, 2018 (GLOBE NEWSWIRE) -- Purpose Investments Inc. (the “Manager”) announced today the exchange ratios (each an “Exchange Ratio” and collectively, the “Exchange Ratios”) for the previously announced mergers of each terminating fund (each a “Terminating Fund” and collectively the “Terminating Funds”) into the corresponding continuing fund (each a “Continuing Fund” and collectively, the “Continuing Funds”) shown opposite its name as shown in the chart below (each a “Merger” and collectively the “Mergers”).
Pursuant to the Mergers, each holder of units or shares, as applicable, of a Terminating Fund will automatically receive units or shares, as applicable, of the respective Continuing Fund given the stated Exchange Ratio for each unit or share, as applicable, of the Terminating Fund held on the effective date of the Merger (close of business on May 4, 2018). No fractional mutual fund or ETF units or shares, as applicable, of a Continuing Fund or cash in lieu thereof will be issued or paid under the Merger.
| TERMINATING FUND | Class / Series | FundSERV / Ticker | CONTINUING FUND | Class / Series | FundSERV / Ticker | Exchange Ratio |
| Redwood Global Resource Fund | A | LGQ641 | Purpose Global Resource Fund | A | LGQ400 | 2.602484 |
| Redwood Global Resource Fund | B | LGQ640 | Purpose Global Resource Fund | A | LGQ400 | 2.602484 |
| Redwood Global Resource Fund | F | LGQ642 | Purpose Global Resource Fund | F | LGQ402 | 3.821574 |
| Redwood Global Resource Fund | X | LGQ644 | Purpose Global Resource Fund | F | LGQ402 | 3.607778 |
| Redwood Global Resource Fund | Y | LGQ645 | Purpose Global Resource Fund | F | LGQ402 | 3.944015 |
| Redwood Tactical Equity Fund | A | LGQ410 | Purpose Global Innovators Fund | A | LGQ470 | 0.649691 |
| Redwood Tactical Equity Fund | B | LGQ411 | Purpose Global Innovators Fund | A | LGQ470 | 0.649025 |
| Redwood Tactical Equity Fund | F | LGQ412 | Purpose Global Innovators Fund | F | LGQ472 | 0.632585 |
| Redwood Total Return Fund | A | LGQ901 | Purpose Global Innovators Fund | A | LGQ470 | 0.535364 |
| Redwood Total Return Fund | B | LGQ900 | Purpose Global Innovators Fund | A | LGQ470 | 0.535364 |
| Redwood Total Return Fund | F | LGQ902 | Purpose Global Innovators Fund | F | LGQ472 | 0.525819 |
| Redwood Total Return Fund | B (USD) | LGQ951 | Purpose Global Innovators Fund | A | LGQ470 | 0.535364 |
| Redwood Total Return Fund | F (USD) | LGQ953 | Purpose Global Innovators Fund | F | LGQ472 | 0.525819 |
| Redwood Total Return Fund | I | LGQ903 | Purpose Global Innovators Fund | F | LGQ472 | 0.799484 |
| Redwood Total Return Fund | TF6 | LGQ922 | Purpose Global Innovators Fund | F | LGQ472 | 0.561404 |
| Redwood Total Return Fund | UA | LGQ961 | Purpose Global Innovators Fund | A | LGQ470 | 0.708838 |
| Redwood Growth Fund | A | LGQ201 | Purpose Special Opportunities Fund | A | LGQ450 | 0.680982 |
| Redwood Growth Fund | B | LGQ202 | Purpose Special Opportunities Fund | A | LGQ450 | 0.681019 |
| Redwood Growth Fund | F | LGQ203 | Purpose Special Opportunities Fund | F | LGQ452 | 0.684778 |
| Redwood Global Balanced Income Fund | A | LGQ415 | Purpose Multi-Asset Income Fund | A | LGQ441 | 0.977833 |
| Redwood Global Balanced Income Fund | B | LGQ416 | Purpose Multi-Asset Income Fund | A | LGQ441 | 0.974123 |
| Redwood Global Balanced Income Fund | F | LGQ417 | Purpose Multi-Asset Income Fund | F | LGQ442 | 0.991242 |
| Redwood Balanced Income Fund | A | LGQ420 | Purpose Multi-Asset Income Fund | A | LGQ441 | 0.645352 |
| Redwood Balanced Income Fund | B | LGQ421 | Purpose Multi-Asset Income Fund | A | LGQ441 | 0.652784 |
| Redwood Balanced Income Fund | F | LGQ422 | Purpose Multi-Asset Income Fund | F | LGQ442 | 0.693618 |
| Redwood Balanced Income Fund | X | LGQ423 | Purpose Multi-Asset Income Fund | F | LGQ442 | 0.642781 |
| Redwood Energy Income Fund | A | AOG.UN | Purpose Global Resource Fund | F | LGQ402 | 1.216414 |
| Redwood Monthly Income Fund | A | VIP.UN | Purpose Multi-Asset Income Fund | ETF | PINC | 0.490446 |
| Redwood Advantage Monthly Income Fund | A | AV.UN | Purpose Multi-Asset Income Fund | ETF | PINC | 0.518786 |
| Redwood Global Financials Income Fund | A | NAF.UN | Purpose US Preferred Share Fund | ETF | RPU | 0.882263 |
| Redwood Global Financials Income Fund | F | unlisted | Purpose US Preferred Share Fund | F | RAM801 | 0.992494 |
| Redwood Floating Rate Bond Fund | A | IFL.UN | Redwood Floating Rate Income Fund | A | ISL.UN | 0.867267 |
| Redwood Floating Rate Bond Fund | U | unlisted | Redwood Floating Rate Income Fund | U | unlisted | 0.971140 |
Units of Redwood Energy Income Fund, Redwood Monthly Income Fund, Redwood Advantage Monthly Income Fund, Redwood Global Financials Income Fund and Redwood Floating Rate Bond Fund were delisted from the Toronto Stock Exchange at the close of business on May 4, 2018.
Securityholders of a Terminating Fund are not required to take any action in order to become securityholders of the respective Continuing Fund.
Complete details regarding the Mergers, including the tax basis of the Mergers and the matters considered at the special meetings, were outlined in the management information circular dated March 12, 2018 (the “Circular”) sent to securityholders of the Terminating Funds and the Voting Continuing Funds (as defined in the Circular) of record as of March 12, 2018, available on www.sedar.com.
About Purpose Investments
Purpose Investments Inc. is an asset management company with approximately $5.2 billion under management. Purpose has an unrelenting focus on customer-centric innovation, and offers a range of managed and quantitative investment products. Purpose 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:
Nancy Turner
Purpose Investments Inc.
Tel: (877) 789-1517
Email: info@purposeinvest.com
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.