TORONTO, Dec. 2 /CNW/ -- Citadel Fund Administrator ("Citadel") and Crown Hill Capital Corporation announced further details with respect to the merger of:
- Crown Hill Fund;
- Equal Weight Plus Fund;
- Citadel HYTES Fund;
- Citadel Premium Income Fund;
- Citadel S-1 Income Trust Fund; and
- Citadel Stable S-1 Income Fund.
The effective date of the merger is December 2, 2009. Effective immediately, the merged fund will be known as the Citadel Income Fund. It will begin trading on the TSX under the symbol CTF.UN on December 3, 2009.
Unitholders who redeemed units pursuant to the special redemption privileges will receive payment on or about December 3, 2009. The per unit redemption prices for the merging funds are as follows:
Crown Hill Fund $5.38
Equal Weight Plus Fund $4.32
Citadel HYTES Fund $9.43
Citadel Premium Income Fund $6.22
Citadel S-1 Income Trust Fund $10.13
Citadel Stable S-1 Income Fund $5.87
Unitholders will receive units of the Citadel Income Fund based on the
following exchange ratios:
per unit of Crown Hill Fund: 1.0000 units of Citadel Income Fund
per unit of Equal Weight Plus Fund: 0.8028 units of Citadel Income Fund
per unit of Citadel HYTES Fund: 1.7545 units of Citadel Income Fund
per unit of Citadel Premium
Income Fund: 1.1581 units of Citadel Income Fund
per unit of Citadel S-1 Income
Trust Fund: 1.8629 units of Citadel Income Fund
per unit of Citadel Stable S-1
Income Fund: 1.0765 units of Citadel Income Fund
Fractional units will not be issued and entitlements will be rounded down to the nearest whole unit.
Unitholders of record on December 14, 2009 will receive one warrant for each Citadel Income Fund unit held on the record date. A total of 42,128,467 warrants will be issued. Each warrant will entitle the holder thereof to subscribe for and purchase from Citadel Income Fund one unit on either the first or second anniversary of the effective date at a subscription price of $5.55. The warrants will be listed on the TSX under the symbol CTF.WT and are expected to being trading on December 10, 2009. The Warrant Indenture will be available on SEDAR following the record date.
Forward Looking Statements
This release contains forward-looking statements. These statements are based on certain factors and assumptions including, results of operations, performance and effective income tax rates. While the funds, Citadel Fund Administrator and Crown Hill Capital Corporation consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Several factors could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements are given only as at the date of this release and the funds, Citadel Fund Administrator and Crown Hill Capital Corporation disclaim any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.