Toronto-based Front Street Capital 2004 on Monday announced an update regarding the previously announced merger of closed-end fund Front Street U.S. MLP Income Fund Ltd. and Front Street Mutual Funds Ltd.
Provided that all necessary regulatory approvals are obtained, on the effective date of the merger, currently expected to be Jan. 26, each shareholder of Front Street Mutual Funds Ltd. will be issued the class and series of shares of the new amalgamated fund that are of equal denomination as the class and series of Front Street Mutual Funds Ltd. shares held immediately prior to the merger, and these shares will carry terms that are identical in all respects to their current holdings.
For each equity share, series C, and equity share, series U that shareholders of Front Street U.S. MLP Income Fund Ltd. hold immediately prior to the Merger, they will receive, on the effective date of the merger, one series MC share, and one series MU share, respectively, of the new amalgamated fund’s Front Street MLP and Infrastructure Income Class.