Press release from CNW Group
National Bank Securities Inc. announces the convening of a special meeting of securityholders for the Strategic Yield Class and the termination of two National Bank Securities Mutual Funds
Wednesday, March 06, 2013
MONTREAL, March 6, 2013 /CNW Telbec/ - National Bank Securities Inc. ("NBSI") today announces the convening of a special securityholder meeting for the National Bank Strategic Yield Class (the "Strategic Yield Class"). At the special meeting that is scheduled for May 21, 2013, securityholders of the Strategic Yield Class will be asked to vote on the following proposed changes:
- A change in the fundamental investment objectives of the Strategic Yield Class, which would allow the fund to move from an options-based investment strategy, to one better adapted to the current market environment - namely, investment in short-term debt securities; and
- A change to the fund's redemption rights, which would allow the fund to redeem shares in a more efficient manner when closing series that are no longer economically viable, or have become detrimental to investors or the fund in some manner.
If the change in investment objectives is approved by the fund's securityholders, the Strategic Yield Class's investment strategies will be changed accordingly, and the fund will be renamed the "National Bank Short Term Yield Class". Subject to securityholder approval, the proposed changes will take effect on or about May 28, 2013.
NBSI also announces that it shall be closing two funds - the Omega Global Opportunities Fund and the National Bank Canadian Opportunities Fund (collectively, the "Opportunities Funds") - in order to streamline its fund line-up, and provide investors with a more cost-effective and competitive array of investment solutions. Immediately following the close of business today, March 6, 2013, the Opportunities Funds will be closed to any new purchases, including those pursuant to pre-established systematic investment and distribution reinvestment plans. The termination of the Opportunities Funds shall take effect on or about May 28, 2013.
All information pertaining to the changes proposed as part of the special meeting will be provided to current investors, and potential investors can obtain this information from National Bank Securities Inc. prior to the special meeting. The time and place of the special meeting will appear in the notice of meeting and management circular which shall be mailed to securityholders. In addition, this information will be posted on www.sedar.com and will be available from your advisor or from National Bank Securities Inc.
About National Bank Securities Inc.
National Bank Securities Mutual Funds (the "Funds") are offered by National Bank Securities Inc., a wholly-owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with investments in the Funds. Please read the prospectus of the Funds before investing. The Funds' securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Funds are not guaranteed, their values change frequently and past performance may not be repeated.
About National Bank of Canada
With $184 billion in assets as at January 31, 2013, National Bank of Canada (www.nbc.ca), together with its subsidiaries, forms one of Canada's leading integrated financial groups, and was named among the five strongest banks in the world by Bloomberg Markets. The Bank has close to 20,000 employees and is widely recognized as a top employer. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities via social media and learn more about its extensive community involvement at clearfacts.ca and commitment.nationalbank.ca.
SOURCE: National Bank of Canada
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