Press release from Marketwire
TD Sponsored Companies Inc. and Timbercreek Asset Management Ltd. Announce Proposed Transfer of Administration of TD Split Inc., 5Banc Split Inc. and Big 8 Split Inc. to Timbercreek
Tuesday, June 24, 2014
TD Sponsored Companies Inc. and Timbercreek Asset Management Ltd. Announce Proposed Transfer of Administration of TD Split Inc., 5Banc Split Inc. and Big 8 Split Inc. to Timbercreek08:47 EDT Tuesday, June 24, 2014
TORONTO, ONTARIO--(Marketwired - June 24, 2014) - TD Sponsored Companies Inc. ("TDSCI") announced today that it has entered into an agreement with Timbercreek Asset Management Ltd. (TSX:TMC) ("Timbercreek") pursuant to which Timbercreek will acquire the rights to administer and manage TD Split Inc. (TSX:TDS.C)(TSX:TDS.PR.C), 5Banc Split Inc. (TSX:FBS.B)(TSX:FBS.PR.C) and Big 8 Split Inc. (TSX:BIG.D)(TSX:BIG.PR.D) (collectively, the "Split Funds").
"We believe that Timbercreek has the investment management expertise and experience in the closed-end fund sector to effectively transition the administration of the Split Funds and Timbercreek's broad management platform may also allow for the growth of the funds going forward" said Cameron Goodnough, President of TDSCI.
"Timbercreek, with over 500 employees supporting their businesses and management of almost $4 billion in assets with over 18 offices globally, is excited about the opportunity to expand its presence in the retail closed-end fund space and is committed to providing the same high quality of administrative services to the Split Funds as it does for its existing funds" noted Blair Tamblyn, President & CEO of Timbercreek.
The closing of the transaction is subject to customary closing conditions including obtaining requisite shareholder, stock exchange and regulatory approvals. It is anticipated that an information circular will be prepared for mid July 2014, with the shareholder vote expected to occur in August 2014. Subject to obtaining the appropriate approvals, the transaction is expected to close at the end of August 2014.
Further details of the transaction will be set forth in an information circular that will be mailed to Split Fund shareholders.
FOR FURTHER INFORMATION PLEASE CONTACT:
TDSCI Investor Relations