Unitholders of four Citadel closed-end funds have approved the proposed reorganization of the funds, Citadel Fund Administrator said Tuesday.

Unitholders of the Citadel HYTES Fund (TSX:CHF.UN), Citadel Premium Income Fund (TSX:CPF.UN), Citadel S-1 Income Trust Fund (TSX:SDL.UN), and Citadel Stable S-1 Income Fund (TSX:CSR.UN) approved the reorganization at special meetings held earlier today.

The four Citadel funds will be merged with Equal Weight Plus Fund (TSX: EQW.UN) and the Crown Hill Fund (TSX: MYT.UN) into the continuing fund that will be renamed the Citadel Income Fund. The effective date for the merger of expected to be December 2.

Citadel Income Fund is expected to begin trading on the TSX on December 7 under a new trading symbol to be announced at a later date.

“We are very pleased that an overwhelming majority of unitholders approved the reorganization proposal for the four Citadel Funds,” says Wayne Pushka, president and CEO of Citadel Fund Administrator. “As we proceed with the next steps forward, we would also like to thank unitholders, investment advisors and the analysts for their support and feedback during the past few months.”

Citadel says all unitholders of the four Citadel funds will receive the November distribution.

The exchange ratio for units of the four Citadel Funds will be based on the relative net asset values per unit. The exchange ratio will be determined prior to the merger and will be announced at a later date.

As part of the reorganization, unitholders of Citadel HYTES Fund approved the removal of the current trustee and the appointment of Valiant Trust Co. as the replacement trustee. The appointment will be effective November 18.

Unitholders of the Citadel Premium Income Fund, Citadel S-1 Income Trust Fund and Citadel Stable S-1 Income Fund confirmed the appointment of Valiant as trustee.

Citadel also announced that the reorganization resolution for the Citadel SMaRT Fund (TSX: CRT.UN) was not approved.

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