Purpose Investments Inc. Announces Shareholder Approval of Proposal to Change the Investment Objectives of Purpose MLP & Infrastructure Income Fund
TORONTO, April 15, 2019 (GLOBE NEWSWIRE) -- Purpose
Investments Inc. (“Purpose Investments” or “Purpose”) is
pleased to announced that at a special meeting of the
shareholders of Purpose MLP & Infrastructure Income Fund
(the “Fund”) held today, holders of Series A shares, Series B
shares, Series F shares, Series I shares, Series MC shares,
Series MU shares, Series UB shares, Series UF shares and
Series UI shares of the Fund voting together as a single
class, approved an ordinary resolution adopting a proposal
(the “Proposal”) to change the investment objectives of the
Fund to provide long-term capital appreciation and high
income by investing in equity markets including by (a)
writing cash covered put options to receive premiums and
reduce the net cost of acquiring securities and (b) directly
investing in equity securities and writing call options on
these securities to receive dividends and premiums.
As described in the management information circular that was sent to shareholders of the Fund in connection with the special meeting, Purpose Investments will in connection with the Proposal (a) change the name of the Fund to “Purpose Enhanced Premium Yield Fund” and (b) implement an investment strategy designed to generate a comparable yield with significantly less volatility in net asset value. Purpose believes this is a superior solution for investors seeking sources of yield and total return with limited correlation to equity and fixed income benchmarks. The new strategy aims to generate a return principally through selling cash-covered put options across a diversified universe of underlying stocks. The changes described above will be implemented on or about May 6, 2019. In the intervening period, Purpose will liquidate the remaining MLP sector exposure and hold the Fund’s assets in cash equivalents.
Further information regarding the Proposal is contained in the meeting materials, which were mailed to shareholders and made available on SEDAR at www.sedar.com and posted on Purpose’s website at www.purposeinvest.com.
About Purpose Investments
Purpose Investments is an asset management company with more than $6.5 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent technology-driven financial services company.
For further information please contact:
Purpose Investments Inc.
Tel: (877) 789-1517
Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
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 US news wire services.
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