Covington Group of Funds Announces Proposal to Consolidate Assets of Covington Venture Fund Series VII with Assets of Series VIII and IX.
Covington Group of Funds has announced that the Board of Directors of the Fund has approved a proposal to consolidate the pool of assets of Covington Venture Fund Inc. Class A Shares, Series VII (“Series VII Assets”) with the pool of assets of Covington Venture Fund Inc. Series VIII and Series IX (“the “Series VIII and Series IX Assets”).
The proposed consolidation of the Series VII Assets with the Series VIII and Series IX Assets which is aimed at reducing regulatory costs for compiling and reporting financial results, will effectively double the combined assets of the three Series of the Fund.
The proposed consolidation still remains subject to conditions including regulatory approvals, and the approval of the Fund’s shareholders at the Fund’s annual and special meeting scheduled for November 14, 2008.
Further details with respect to terms, conditions and benefits of the consolidation will be outlined in the materials that will be provided or made available to shareholders in advance of the Meeting of the Fund that will be held to approve the consolidation.
About Covington Group of Funds
Founded in 1995, Covington Group of Funds (www.covingtonfunds.com) is one of Canada’s largest and most experienced venture capital fund providers. Covington Group of Funds manages approximately $400 million in venture capital assets on behalf of institutional and retail investors. These funds invest in small-and-medium businesses throughout many industry sectors. The Covington Group of Funds, headquartered in Toronto, is an affiliate of Affiliated Managers Group, Inc. AMG is an asset management company with equity investments in a diverse group of boutique investment management firms.
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