Energy Income Fund Announces Private Placement and a Special Meeting on December 13, 2023
12 Outubro 2023 - 7:56PM
Artemis Investment Management Limited (“Artemis”), the trustee and
manager of Energy Income Fund (TSX – ENI.UN) (the “Fund”) is
pleased to announce a non-brokered private placement opportunity
(the “Private Placement”) through the issuance of up to 2,298,851
units (the “Units”) at a price per Unit of $1.74 for gross proceeds
of up to approximately $4,000,000. The subscription price reflects
the Fund’s Net Asset Value per Unit of $1.74 as of October 05,
2023.
The intended use of proceeds from the Private Placement is to
purchase additional investments, both in new and existing Fund
positions.
The Private Placement is subject to approval of
the Toronto Stock Exchange, and all the Units of the Fund issued
pursuant to the Private Placement will be subject to a four-month
hold period from the date of issuance. The Private Placement is
expected to close in early November 2023.
The Fund also announces that it, along with
Artemis has decided to call a special meeting (the “Special
Meeting”) on December 13, 2023. At the Special Meeting, Unitholders
of the Fund will be requested to vote to approve the following
amendments to the declaration of trust (which is available on the
Fund’s SEDAR+ profile at https://www.sedarplus.ca/), subject to
applicable regulatory approvals and consents that may be
required:
- Amend the Fund’s investment strategy and objectives so that the
Fund will be also be permitted to invest in any US listed company
in addition to the existing permitted asset classes.
- Amend the management fee payable to Artemis to two percent (2%)
of average net asset value of the Fund per year plus applicable
taxes. Further, Artemis would be eligible to receive a performance
fee of twenty percent (20%) above an eight percent (8%) hurdle rate
on the Fund’s returns. In consideration of these amended and new
fees, the Fund will cap the Fund’s total expense ratio at two and a
half percent (2.5%) (excluding performance fee, extra-ordinary
expenses and taxes) of the Fund’s average net asset value of the
Fund per year. (For comparison, as of December 31, 2022, the
combined management and trading expense ratio of the Fund was
4.61%)
Notice of the Special Meeting and information
circular will be provided to Unitholders during November 2023.
Cautionary Statements
This press release contains forward-looking
statements which reflect the Fund’s current expectations regarding
future events. The forward-looking statements involve risks and
uncertainties. Actual results could differ materially from those
projected herein. Artemis and the Fund disclaim any obligation to
update these forward-looking statements other than as required by
applicable securities laws.
For further information, please contact Artemis
Investment Management’s investor relations line at (416) 934-7455
or visit our website at www.artemisfunds.ca.
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