O’Leary Funds Management has announced details about the merger of its Hard Asset Income Fund and Global Infrastructure Yield Fund.
If the proposed merger is approved at the end of the month, the Hard Asset Fund will terminate and the Infrastructure Fund will continue.
Trust units of the Hard Asset Fund would be exchanged for series Y units of the Infrastructure Fund, and the trust units of the terminated fund would be delisted from the TSX at the close of business on October 31.
Unitholders of record of the Hard Asset Fund on October 31 will receive a monthly distribution of $0.065 per trust unit. This represents the final distribution as a closed-end fund and is expected to be paid before November 15.
The management fees for the Hard Asset Fund will remain the same for the series Y units of the Infrastructure Fund.