Purpose Investments Inc. Provides Update in Respect of Previously Announced Proposed Fund Merger of TSX Listed Funds

TORONTO, April 10, 2018 (GLOBE NEWSWIRE) -- on February 23, 2018, Purpose Investments Inc. (“Purpose”) previously announced its proposal, subject to all required securityholder and regulatory approvals, to complete series of fund mergers. Purpose wishes to provide additional information in respect of the following, previously announced merger (the “Merger”):

TERMINATING FUND CONTINUING FUND
Redwood Floating Rate Bond Fund (“IFL”)
(formerly Voya Diversified Floating Rate Senior Loan Fund)
(Ticker Symbol: IFL.UN)
Redwood Floating Rate Income Fund (“ISL”)
(formerly Voya Floating Rate Senior Loan Fund)
(Ticker Symbols: ISL.U, ISL.UN)

Purpose wishes to clarify the following:

  • ISL was previously referred to as “Purpose Floating Rate Income Fund”, in anticipation of a name change of this fund. However, such name change has not yet occurred and the name of ISL currently remains “Redwood Floating Rate Income Fund”. Securityholders are therefore being requested to approve a merger of Redwood Floating Rate Bond Fund (IFL) into Redwood Floating Rate Income Fund (ISL).
  • Units of ISL are currently listed and traded on the Toronto Stock Exchange (the “TSX”) under the ticker symbols ISL.U and ISL.UN. Units of IFL are currently listed and traded on the TSX under the ticker symbol IFL.UN. If the Merger receives all necessary approvals, additional ISL.U and ISL.UN units will be issued in order to facilitate the Merger.
  • In addition, if the Merger receives all necessary approvals, unitholders of IFL will receive units of ISL, as shown opposite in the table below:

Redwood Floating Rate Bond Fund (IFL) Redwood Floating Rate Income Fund (ISL)
Series A units (IFL.UN)> Series A units (ISL.UN)
Series U units (unlisted)> Series U units (ISL.U)

If all necessary approvals are obtained, the Merger will be effective on or about April 23, 2018 (the “Effective Date”). In addition, units of IFL currently trading on the TSX under the ticker symbol IFL.UN will be de-listed on or about the Effective Date.

In accordance with applicable legal requirements, securityholders of each of IFL and ISL will be required to approve the Merger. Such securityholders have been provided a Notice of Meeting and a Management Information Circular in accordance with applicable securities laws. The required securityholder approvals will be sought at special meetings to be held on or about April 17, 2018 for securityholders of record as of March 12, 2018.

About Purpose Investments

Purpose Investments is an asset management firm inspired by the belief that all investors should have access to great investment products along with low fees. Purpose believes in focusing first on managing risk and creating value that is currently missing from the marketplace, thus empowering all Canadians to be better investors. Purpose has over $4.9 billion in assets under management and currently offers 50 exchange traded funds and mutual funds and 16 closed-end funds across multiple asset classes and both traditional and alternative investment strategies.

For further information please contact:

Nancy Turner
Purpose Investments Inc.
Tel: (877) 789-1517
Email: info@purposeinvest.com

This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This press release is not for dissemination in the United States or for distribution to U.S. news wire services.

Source:Purpose Investments Inc.