Redwood Announces the Termination of TIS Preservation and Growth Fund
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 10/29/14 -- Redwood Asset Management Inc. announces the termination of the TIS Preservation and Growth Fund (the "Fund"), to occur following the sale of its sole remaining private investment in Alebra Technologies Inc. ("Alebra"). The Fund is expected to be terminated by December 31, 2014.
Since halting sales and redemptions of the Fund in 2010, Redwood has been seeking a buyer for the last remaining private investment in the Fund. At the same time, Redwood had been hopeful that the Fund could participate in the sale of the entire company; however, such opportunity did not present itself.
Redwood began negotiations with Alebra in 2014 to find equitable terms for the redemption by Alebra of their preferred shares comprising the last position in the Fund. Redwood recently reached a definitive agreement that will see the Fund receive a cash payment in exchange for its preferred shares in Alebra. In addition to the initial cash payment, should Alebra be purchased within 24 months of this transaction, the Fund''s unitholders will be entitled to receive an additional cash payment up to a USD$0.85 per unit.
Unitholders of the Fund will receive a final cash distribution estimated at CAD$0.33 per unit. This will be the third payment to unitholders of the Fund, who have previously received cash distributions of $3.75 in December of 2010 and $0.29 in June of 2011.
The closing of the redemption transaction has received the approval of the shareholders of Alebra and the positive recommendation of the Fund''s Independent Review Committee.
Contacts:
Redwood Asset Management Inc.
Peter Shippen
President
(416) 304-6811
(416) 368-1608 (FAX)
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Datum: 29.10.2014 - 13:40 Uhr
Sprache: Deutsch
News-ID 1313865
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