Not for dissemination to U.S. Newswire Services or for dissemination in the United States of America
TORONTO, Nov. 22, 2017 (GLOBE NEWSWIRE) — Energy Credit Opportunities Income Fund (the “Fund”) (TSX:PCF.UN) (TSX:PCF.U) announced today that it has changed the date of the Special Meeting of the unitholders to December 13, 2017. The record date for determining those unitholders entitled to vote at the Special Meeting has not changed and will remain as the close of business day on November 7, 2017. At the Special Meeting, the unitholders will be asked to approve the conversion of the Fund from a closed-end fund to an actively managed open-end fund with ETF and mutual fund units (the “ETF Conversion”) to be renamed Redwood Energy Credit Fund. Upon the ETF Conversion, the management fee of the Fund will be reduced from 0.90% to 0.70% which represents another significant enhancement to the Fund.
As previously announced, the implementation of the ETF Conversion is subject to certain third-party and regulatory approvals, including obtaining a receipt for the final simplified prospectus of the open-end fund. Purpose Investments Inc. will issue a press release announcing the effective date of the ETF Conversion after the required approvals have been obtained.
The details of the ETF Conversion are described in a management information circular that has been mailed to unitholders of record as of November 7, 2017.
About Purpose Investments Inc.
Purpose Investments Inc. is an asset management firm inspired by the belief that all investors should have access to great investment products along with low fees. Purpose believes in focusing first on managing risk and creating value that is currently missing from the marketplace, thus empowering all Canadians to be better investors. Purpose has over $3.6 billion in assets under management and currently offers 35 exchange traded funds and mutual funds and 7 closed-end funds across multiple asset classes and both traditional and alternative investment strategies. Redwood Asset Management, a wholly owned subsidiary of Purpose, is a Toronto-based investment fund manager focused on delivering unique investment solutions managed by boutique global investment managers to Canadian investors.
For further information please contact:
Purpose Investments Inc.
Tel: (877) 789-1517
Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.