Global Dividend Fund - Notice of Fund termination
TORONTO, March 31, 2016 /CNW/ - Global Dividend Fund (TSX: GDP.UN) (the "Fund") --- Further to the news release dated March 3, 2016, BlackBridge Capital Management Corp. ("BlackBridge"), the trustee and manager of the Fund, has decided to give not less than 60 days notice to unitholders of the Fund, effective April 1, 2016, of its plans to terminate and/or redeem all outstanding units of the Fund in accordance with the Fund's governing documents. BlackBridge anticipates setting the Valuation Date for the distribution to, and/or redemption of, all units of the Fund on or about June 15, 2016 (the "Valuation Date") and will cause to be paid to each unitholder their pro rata share of the net assets of the Fund for each unit such unitholder holds as soon as possible following the Valuation Date.
The decision to terminate the Fund is due to a low number of unitholders and the costs associated with maintaining a small fund and BlackBridge's opinion that it would be in the best interests of unitholders to do so.
Units of the Fund will remain listed on the TSX until June 15, 2016. The Fund expects to continue to pay monthly distributions up until, and including, the month of May.
Unitholders will not be required to pay any termination and/or redemption fees associated with the terminations and/or redemption of the units of the Fund. As a result of the timing of the Valuation Date, there will be no annual redemption for the Fund in 2016.
SOURCE Global Dividend Fund