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Norrep Capital Management Ltd. Announces Proposed Fund Mergers and Securityholder Meetings

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CALGARY, Alberta, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Norrep Capital Management Ltd. ("NCM"), the manager of a strategically focused group of public mutual funds, alternative investment funds, and related products and services, announced today the following proposed fund mergers, subject to all required securityholder and regulatory approvals:

  • Norrep High Income Fund merging into NCM Conservative Income Portfolio;
  • Norrep Tactical Opportunities Class, a class of shares of Norrep Opportunities Corp., merging into NCM Growth and Income Portfolio; and
  • Norrep Premium Growth Class, a class of shares of Norrep Core Portfolios Ltd., merging into NCM Balanced Income Portfolio.

Each of NCM Conservative Income Portfolio, NCM Growth and Income Portfolio, and NCM Balanced Income Portfolio (the "Continuing Funds") is expected to be a newly formed trust fund that will offer securities pursuant to a simplified prospectus, annual information form, and fund facts documents anticipated to be filed on or about August 27, 2018. 

If the requisite approvals are obtained, it is anticipated that the proposed mergers will be implemented on or about October 31, 2018.

A meeting of the Independent Review Committee of the funds has been scheduled for August 22, 2018 to review the proposed mergers and to make a determination if each proposed merger, if implemented, will achieve a fair and reasonable result for the applicable fund.

NCM also announced that the special securityholder meetings for each of Norrep High Income Fund, Norrep Tactical Opportunities Class, and Norrep Premium Growth Class (the "Terminating Funds") called to consider the proposed mergers have been scheduled for on or about October 18, 2018, for securityholders of record as of September 17, 2018.  A management information circular providing details of the proposed mergers, as well as other related proxy materials, will be sent to those securityholders entitled to receive them in the ordinary course.  These documents will also be available on SEDAR at www.SEDAR.com.

Pursuant to the proposed mergers, each of the Continuing Funds will acquire all or substantially all of the net assets of the applicable Terminating Fund, and securityholders of each of the Terminating Funds will become securityholders of the applicable Continuing Fund.  As soon as reasonably possible following completion of the proposed mergers, each of the Terminating Funds will be terminated.  All costs and expenses associated with the proposed mergers will be borne by NCM. 

Securityholders of each Terminating Fund will have the right to redeem securities of, and make switches out of, the fund up to the close of business on the business day prior to the effective date of the applicable proposed merger.

Please visit www.norrep.com for more details about NCM and its investment products. For the complete disclosure record of the NCM Group of Funds, please visit www.sedar.com.

About NCM - Norrep Capital Management Ltd.

For over 20 years, NCM has been one of Canada's leaders in actively managed investment products. With an in-house portfolio management team and a family of actively managed funds, NCM has earned multiple awards recognizing its investment success. NCM is an independent Canadian investment firm with offices in Calgary and Toronto, distributing retail mutual funds and related products and services to Canadian investors, through a third party distribution channel.  (www.norrep.com)

For further information or assistance, please contact:

NCM - Norrep Capital Management Ltd.

Dealer & Client Services
Attention: Ellen Barbour
Toll Free: 1-877-431-1407
Dome Tower – Suite 1850, 333 – 7th Avenue S.W., Calgary, AB T2P 2Z1
Email: info@norrep.com | Website: www.norrep.com

Certain information set forth in this press release, including a discussion of the timing, structure, and completion of the proposed mergers and securityholder meetings and the anticipated formation of the Continuing Funds and filing, receipts, and timing thereof of the simplified prospectus, annual information, and fund facts documents in respect of the Continuing Funds, constitutes forward-looking information.  In addition, any statement that may be made concerning possible future action on our part is also a forward-looking statement that contains forward-looking information. This forward-looking information is based upon assumptions, such as assumptions regarding general business, economic, and market conditions, and tax and regulatory matters, obtaining securityholder and regulatory approvals, and the ability of the applicable parties to complete the proposed mergers, hold the securityholder meetings, and form the Continuing Funds and file and obtain receipts for the simplified prospectus, annual information, and fund facts documents in respect of the Continuing Funds, and is subject to substantial known and unknown risks and uncertainties, some of which are beyond management's control, including, but not limited to, general business, economic, and market uncertainties, changes to applicable tax and regulatory matters, the delay or failure to obtain all required approvals, risks to the business, financial condition, and operations of the applicable parties involved in the proposed mergers, securityholder meetings, and formation and qualification for distribution of the Continuing Funds. Actual results could materially differ from those expressed in or implied by this forward-looking information and there is no assurance that the foregoing matters will be completed or will be completed as described in this press release.  Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release.  The forward-looking information contained in this press release is made as of the date hereof and NCM disclaims any intention and assumes no obligation to update or revise any forward-looking information, whether as a result of new information, future events, changes in assumptions, or otherwise, except as expressly required by applicable law.  Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

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