TORONTO, June 25, 2019 (GLOBE NEWSWIRE) -- Soundvest Capital Management Ltd. (the “Manager” or “Soundvest”) today held the special meeting (the “Meeting”) of the holders (“Securityholders”) of preferred securities (“Preferred Securities”) and the holders (“Unitholders”) of capital units (“Capital Units”) of Soundvest Split Trust (the “Fund”).
On May 2, 2019, Soundvest announced that it and Bristol Gate Capital Partners Inc. (“Bristol Gate”) had reached an agreement for Bristol Gate to acquire from Soundvest the management agreement and investment advisory agreement governing the Fund that will result in Bristol Gate becoming the investment fund manager and portfolio manager of the Fund (the “Proposed Transaction”).
At the Meeting, Unitholders and Securityholders approved the Proposed Transaction and the applicable amendments to the Trust Indenture and the Declaration of Trust which provide that the Preferred Securities will mature on July 3, 2019 and all of the outstanding Capital Units, other than the Capital Units beneficially owned by Bristol Gate and its related parties, will be redeemed on July 3, 2019.
Upon closing of the Proposed Transaction (the “Closing”), the only issued and outstanding Capital Units will be those held by Bristol Gate and its related parties. As a result, the board of directors of Soundvest, as manager of the Fund, has determined to voluntarily delist the Capital Units from the TSX on July 3, 2019. Soundvest will not be seeking the approval of holders of Capital Units for the delisting of the Capital Units, as the Proposed Transaction constitutes a near term liquidity event for Unitholders, for which all material conditions will have been satisfied and the likelihood of non-completion is remote.
Closing is expected to occur on July 5, 2019, subject to satisfaction of all closing conditions, including receipt of all required securities regulatory and stock exchange approvals.
About Soundvest
Soundvest, an established investment advisor, providing investment management services to trusts, foundations, corporations and high net worth individuals, is also the manager, investment advisor and portfolio manager of the Fund.
For further information, please visit our website at www.soundvestcapital.com or contact:
Investor Relations
Tel: 613-236-4397
Email: inquiries@soundvestcapital.com
Cautionary Note Regarding Forward-Looking Statements
Certain statements made in this press release are “forward-looking statements”. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, intends”, “targets”, “projects”, “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”, and similar expressions. Forward-looking statements are based on expectations, estimates and projections at the time the statements were made and are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including but not limited to, the closing of the Proposed Transaction. Readers should not place undue reliance on forward-looking statements. The forward-looking statements are made as of the date of this press release, and neither Soundvest nor the Fund undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by applicable laws.