JovFunds Management Inc. and Crown Hill Capital Corp. intend to complete the transactions pertaining to Fairway Diversified Income and Growth Trust previously announced on Dec, 22, 2008, the companies said Thursday.

JovFunds, the manager and trustee of the Fairway Trust, confirmed that effective Jan. 19, 2193322 Ontario Inc., its affiliate and wholly owned subsidiary, will assume JovFunds’s management and trustee duties in regard to the Fairway Trust.

As previously announced, Crown Hill has entered into an agreement with JovFunds to purchase 2193322 Ontario Inc., subject to certain condition. The purchase is expected to close on or about Jan. 20. Crown Hill is the manager and trustee of other listed closed end funds including the Crown Hill Fund.

Crown Hill anticipates that, provided the purchase closes, the Fairway Trust will merge with the Crown Hill Fund. The merger, which is subject to regulatory and third party approvals and customary closing conditions, is expected to be completed on Jan. 23.

In anticipation of the merger, JovFunds extended a special retraction privilege which expired on Jan. 9, to unitholders who did not wish to participate in the merger.

All retraction instructions that were received by the Canadian Depository for Securities in accordance with the retraction privilege will receive a price calculated with reference to the net asset value per unit of the Fairway Trust on Jan. 12, adjusted for any distributions and expenses associated with the retraction, for each unit tendered. Payment of the retraction privilege proceeds will be made on Jan. 16.

The merger, if completed, will be effected on a tax-deferred “rollover” basis at an exchange ratio calculated as the net asset value per unit of the Fairway Trust divided by the net asset value per unit of the Crown Hill Fund, determined as at the close of trading on the Toronto Stock Exchange on the business day immediately prior to Jan. 23.

JovFunds manages and distributes approximately $2.5 billion of client assets and is wholly owned by Jovian Capital Corporation.

Crown Hill is a financial services firm that currently has two exchange traded funds under management, Investment Grade Trust and Crown Hill Fund.