Energy Credit Opportunities Income Fund Announces Change To Date Of Special Meeting
Wednesday November 22nd, 2017
Energy Credit Opportunities Income Fund (the “Fund”) (TSX: PCF.UN, PCF.U) announced today that it has changed the date of the Special Meeting of the unitholders to December 13, 2017. The record date for determining those unitholders entitled to vote at the Special Meeting has not changed and will remain as the close of business day on November 7, 2017. At the Special Meeting, the unitholders will be asked to approve the conversion of the Fund from a closed-end fund to an actively managed open-end fund with ETF and mutual fund units (the “ETF Conversion”) to be renamed Redwood Energy Credit Fund. Upon the ETF Conversion, the management fee of the Fund will be reduced from 0.90% to 0.70% which represents another significant enhancement to the Fund.
As previously announced, the implementation of the ETF Conversion is subject to certain third-party and regulatory approvals, including obtaining a receipt for the final simplified prospectus of the open-end fund. Purpose Investments Inc. will issue a press release announcing the effective date of the ETF Conversion after the required approvals have been obtained.
The details of the ETF Conversion are described in a management information circular that has been mailed to unitholders of record as of November 7, 2017.