TORONTO, Dec. 19, 2017 /CNW/ - LOGiQ Asset Management
Ltd. (the "Manager"), as manager of LOGiQ Advantage Bond Fund (the
"Fund") announced today plans to terminate the Fund based on its
determination that it is in the best interests of the unitholders
to do so.
The Manager held the adjourned special meetings of the holders
(the "Securityholders") of units of the Fund to consider the Fund
changes (the a "Proposal") which were proposed in connection with
the sale by LOGiQ Asset Management Inc. to Purpose Investments Inc.
of the management agreements and related assets relating to the
Fund (the "Transaction") as described in the joint management proxy
circular dated October 3, 2017 sent
to Securityholders (the "Circular"). At the special
meetings, Securityholders of the Fund did not approve the special
resolution to authorize the Proposal. Accordingly, and as
previously indicated in the press release of the Fund dated
November 10, 2017, the Manager
intends to close the Fund as soon as practicable, with a target
completion date on or about December 29,
2017. The Manager also intends to terminate LOGiQ MBB Trust,
the portfolio fund that the Fund gains exposure to pursuant to the
Fund's forward agreement.
Leading up to the termination date, the Manager will use its
commercially reasonable efforts to sell all non-cash assets of the
Fund and discharge the Fund's outstanding liabilities. The
remaining assets will then be distributed pro rata among
unitholders as soon as practicable after the termination date. It
is expected that the Fund's units will also be delisted from the
Toronto Stock Exchange on or about December
22, 2017.
The Fund is a closed-end investment trust managed by the
Manager. The Manager is a wholly-owned subsidiary of
LOGiQ Asset Management Inc. (TSX: LGQ), which is a diversified
asset management company that manages hedge funds and pooled funds,
and also provides segregated institutional managed accounts and
institutional advisory sales. LOGiQ Asset Management is
headquartered in Toronto.
The TSX has neither approved nor disapproved
the information contained herein.
Forward-Looking Statements: This news release contains
certain "forward-looking statements" within the meaning of such
statements under applicable securities law. Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. These statements are only predictions.
Various assumptions were used in drawing the conclusions or making
the projections contained in the forward-looking statements
throughout this news release. Forward-looking statements are
based on the opinions and estimates of management at the date the
statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements.
SOURCE LOGiQ Asset Management Inc.