MONTRÉAL, April 16,
2024 /CNW/ - Following the publication of
Information Bulletin 2024-4 by the Ministère des Finances du Québec
on April 12, 2024, the Fonds de
solidarité FTQ is announcing amendments concerning the minimum
holding period for shares in its Short Form Prospectus.
The Government of Québec announced, in the 2023-2024 budget
speech, that amendments would be made to the constituting acts of
labour-sponsored funds to gradually extend the minimum holding
period for certain categories of share redemptions from two years
to five years.
This meant that the minimum holding period for shares was to be
increased to three years for shares acquired as of June 1, 2024, to four years for shares acquired
as of June 1, 2025, and to five years
for shares acquired as of June 1,
2026.
However, given that Fonds shares are frequently acquired by
individuals who are already shareholders, through bi-monthly
payroll deductions, it is difficult to apply the new minimum
holding period requirement to these shares.
To simplify the application of this new requirement, the
constituting act of the Fonds de solidarité FTQ will be amended so
that the calculation of the minimum holding period for shares is
based on the date of redemption of these shares, rather than on the
date of their acquisition by the shareholder.
Accordingly, the minimum holding period for certain Fonds de
solidarité FTQ share redemptions will be:
- two years if the redemption takes place before June 1, 2027;
- three years if the redemption takes place between June 1, 2027, and May 31,
2029;
- four years if the redemption takes place between June 1, 2029, and May 31,
2031;
- five years if the redemption takes place after May 31, 2031.
About the Fonds de solidarité
FTQ
The Fonds de solidarité FTQ is a source of pride in Québec,
fulfilling its mission through a unique business model created 40
years ago. Since then, the Fonds has rallied Québec into action
thanks to the retirement savings of 769,459 shareholders.
With net assets of $18.9 billion
as at November 30, 2023, the Fonds
supports more than 3,700 companies through venture and development
capital investments based on the belief that impact is created as
much by financial as social returns. For more information, visit
fondsftq.com or our company page on LinkedIn.
Please read the prospectus before buying shares of the Fonds de
solidarité FTQ. Copies of the prospectus may be obtained on the
Website fondsftq.com, from a local representative or at the offices
of the Fonds de solidarité FTQ. The shares of the Fonds de
solidarité FTQ are not guaranteed, their value changes and past
performance may not be repeated.
SOURCE Fonds de solidarité FTQ