Montreal-based National Bank Securities Inc. (NBSI), the manager of the Meritage Portfolios, Wednesday announced the approval of all proposals voted upon yesterday at the special meeting of shareholders of the portfolios.
During the meeting, shareholders approved a change to the manner in which certain operating expenses are charged to the portfolios. As a result, the majority of the portfolios’ operating expenses will be replaced by fixed-rate administration fees, which will be subject to a transitional adjustment payment until December 31.
At the same meeting, shareholders of Meritage Canadian Equity Class Portfolio, Meritage Global Equity Class Portfolio, Meritage Growth Class Portfolio and Meritage Equity Class Portfolio (the corporate portfolios) approved a change to such portfolios’ fundamental investment objectives, so as to allow them to invest directly in their corresponding Meritage Trust Portfolio. This change is subject to the granting of exemptive relief by the Canadian Securities Authorities, which must be obtained before the new investment objectives can be implemented.
The shareholders of the corporate portfolios also approved a change to such portfolios’ redemption rights, permitting each corporate portfolio to redeem shares more efficiently when closing series that are no longer economically viable or that have become in any way detrimental to investors or the portfolio itself.
All of the above changes shall come into effect on or around October 29.
NBSI is a a wholly owned subsidiary of National Bank of Canada (TSX:NA).