Toronto-based Propel Capital Corp. Monday announced its intention to terminate the Propel Multi-Strategy Fund.

The decision to terminate was made following receipt of the most recent annual redemption requests.

As a result of redemptions, the net asset size of the fund has been reduced to a level below which, in the opinion of the fund’s manager, it is no longer economically feasible to continue the fund and it would be in the best interest of the unitholders to terminate it.

The Propel Capital anticipates that the fund’s termination will occur on April 30.

Following the settlement of the forward agreement and, after all liabilities have been satisfied or provided for, the fund will distribute in cash the net assets of the fund to unitholders on a pro rata basis based on the net asset value per unit on the termination date.

Unitholders who properly surrendered units for redemption on March 31, will be paid the annual redemption amount (to be determined on March 31) on April 18.

Unitholders will continue to have the right to redeem their units in the fund prior to the termination date. All units not redeemed prior to the fund’s termination will be automatically redeemed at that time. Unitholders need not take any action to receive the payment.