|By Marketwired .||
|October 21, 2013 06:53 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 10/21/13 -- Canoe Financial LP, one of the fastest growing mutual fund companies in Canada, today announced a proposal to change its method of charging operating expenses to certain of its mutual funds (the "Funds") to increase fee predictability and consistency, and certain other changes as described below. Special meetings of securityholders will be held on or about December 17, 2013 to consider the proposed changes.
Fixed Rate Administration Fee
Canoe Financial is proposing to pay the operating expenses of each Fund, other than certain fund costs, in exchange for the payment by each Fund of a fixed rate administration fee. If the proposal is approved by securityholders, the fixed rate administration fee change will be implemented January 1, 2014. Similar fixed rate administration fee proposals have already been adopted by securityholders of several large Canadian mutual fund companies.
Canoe Financial may, in some years and in certain cases, pay a portion of a series' administration fee or fund costs. The decision to absorb the administration fee or fund costs is reviewed annually and determined at the discretion of Canoe Financial, without notice to securityholders.
Currently, each Fund is allocated all of its own operating expenses which comprise a portion of the management expense ratio (MER) of the Fund. If approved, this proposal will provide investors with increased predictability and consistency in fees, as certain components of the MER for the Funds will become fixed rather than varying from year to year as they do presently.
Under the proposal, the fixed administration fee will be equal to a percentage of the net asset value (NAV) of a series, calculated and paid in the same manner as the management fee for the series. The rate of the annual administration fee is tiered: one rate applies to the first $750 million of the NAV of the series and a lower rate applies to the NAV of the series in excess of $750 million. The administration fee will be subject to GST, HST and other applicable taxes.
Canoe Financial referred the proposal to the Funds' Independent Review Committee, which acts in an advisory capacity representing the interests of the Funds and securityholders. The Independent Review Committee has reviewed the proposal and determined that, if implemented, it would achieve a fair and reasonable result for the Funds and securityholders.
Securityholders are encouraged to visit www.canoefinancial.com to obtain detailed information regarding the impact of the proposed fixed rate administration fee, and to review the amendment to the simplified prospectus for the Funds to be filed in connection with the proposal, which will be available at www.sedar.com.
Other Proposed Changes
In addition to the proposed fixed rate administration fees, Canoe Financial today announced proposals to modify the language in the investment objectives of EnerVest Natural Resource Fund and to amend the redemption rights of certain Funds. These proposed changes will also be considered at the special meetings.
Canoe Financial is proposing to amend the language in the investment objectives of EnerVest Natural Resource Fund to conform to the style used in the investment objectives of the other Funds managed by Canoe Financial and to reflect that EnerVest Natural Resource Fund will have greater flexibility to invest its assets in foreign securities in addition to its current focus on Canadian securities. The portfolio manager currently intends to limit its investments in foreign securities to no more than 30% of the Fund's assets.
Redemption Rights Change
Canoe Financial is proposing to amend the redemption rights of the Funds to give Canoe Financial broader authority to redeem investors from the Funds where the holding of securities by an investor is, in Canoe Financial's reasonable opinion, detrimental to the Fund or as otherwise determined by Canoe Financial, including in connection with a reorganization or winding-up of the Fund or otherwise.
Special Meetings of Securityholders
Special meetings of securityholders will be held on or about December 17, 2013 to consider the proposed changes. In late November, securityholders of record as of the close of business on November 15, 2013 will receive an information circular with full details of the proposed changes as well as a proxy form. The proposed changes are subject to the applicable Funds obtaining all necessary approvals, including securityholder approval.
About Canoe Financial LP
Canoe Financial is an investment management firm focused on building financial wealth for Canadians through investing in Canada. Its 'GO CANADA!' investment thesis reflects Canoe's strategic confidence in Canada as a place to invest. With continued global urbanization, increasing worldwide demand for resources, and Canada's sound fiscal structure, Canoe believes this country provides long-term growth potential for investors.
Canoe Financial is one of Canada's fastest-growing mutual fund companies and currently manages approximately $1.7 billion in assets as at September 30, 2013 through its investment products. To learn more, visit www.canoefinancial.com.
Important information regarding the Funds, including conditions of purchase, investment strategy, distribution policy, management fees, and expenses, are set out in the Funds' Simplified Prospectus and Annual Information Form which are available on Canoe Financial's website at www.canoefinancial.com or SEDAR at www.sedar.com. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed and their values change frequently. These funds are new and there is no history of performance associated with these Funds. This communication is for information purposes only and is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document which should be read carefully before making any investment. Investors should consult their Investment Advisor for complete details and risk factors on specific strategies and various investment products.
This communication may contain forward-looking statements which involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated, and should not be unduly relied upon. Canoe Financial does not undertake any obligation to publicly update or revise any forward- looking statements. Market conditions may change and Canoe Financial accepts no responsibility for individual investment decisions arising from the use or reliance on the information contained herein.
Canoe Financial LP
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