Halifax-based GrowthWorks Atlantic Venture Fund Ltd. Wednesday announced a proposal to consolidate the fund’s growth and financial services series shares into balanced series shares.
Growth and financial services series will be removed from the fund’s current share offering effective October 15, and from that date forward other series of class A shares may no longer be switched into growth or financial services series. Holders of growth and financial services series shares may continue to switch into balanced or GIC Series.
GrowthWorks says the proposed consolidation is aimed at achieving a more efficient process for compiling and reporting financial results for the fund in the current regulatory regime and a more streamlined offering in light of low levels of recent sales of growth and financial services series shares.
The proposed consolidation was approved by the fund’s board and reviewed by the fund’s Independent Review Committee. The consolidation remains subject to shareholder approval at the fund’s 2012 annual general meeting scheduled for December 10, and regulatory approval. If required approvals are obtained, it is expected that the consolidation will be completed prior to Feb. 28, 2013.
The series-specific non-venture investment mandate for the Balanced Series is to invest in reserves expected to generate a fairly stable level of current income, which would include investments in high quality debt instruments, high yield investments and bank securities.