Unitholders of Sceptre Income & High Growth Trust approved several resolutions at the special meeting held on June 22.
The approved changes include:
– expanding the funds’ investment strategy to include additional asset classes and a wider range of allowable investments within those asset classes;
– calculating and disclosing the funds’ net asset value daily instead of weekly; reducing management fees to 1.05% from 1.10%;
– merging the funds and converting them to an open-ended mutual fund; delisting the funds’ units from the Toronto Stock Exchange to reduce costs;
– appointing Return on Innovation Management Ltd. as trustee and manager; and
– introducing seven new series of the merged fund, which will offer different distribution, purchase options and management fees.