Mississauga, Ont.-based Excel Funds Management Inc. announced on Friday that it will be merging Excel BRIC Fund into Excel Emerging Markets Fund, subject to obtaining all the necessary unitholder and regulatory approvals.
If the proposed merger is approved, the merger will be effective on or about Feb. 15, 2016 and unitholders of each series of Excel BRIC Fund will receive securities of the equivalent series of Excel Emerging Markets Fund, determined on a dollar-for-dollar basis.
Units of Excel BRIC Fund will no longer be offered for sale after the close of business on Friday, except for units purchased under a pre-authorized chequing plan. The Excel BRIC Fund will be wound up as soon as possible following the merger.
Unitholder approval for Excel BRIC Fund will be sought at a special meeting to be held on or about Feb. 11, 2016. In advance of the meeting, full details of the proposed merger will be set out in a notice of meeting and a management information circular that will be sent to unitholders of record on or about Jan. 8, 2016. The notice of meeting and management information circular will also available on SEDAR at www.sedar.com.
The Independent Review Committee of each of Excel BRIC Fund and Excel Emerging Markets Fund has reviewed the potential conflict of interest matters related to the proposed merger. They have provided Excel Funds with positive recommendations for the merger after determining that it would achieve a fair and reasonable result for the funds.
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