TORONTO, April 8, 2013 /CNW/ - R.N. Croft Financial Group Inc. ("CFG") in its capacity as manager of the following share classes of Portfolio
Index Evolution Corporation (the "Corporation"): Class A-1 Income, Class B-1 Canadian Equity, Class C-1 U.S. Equity,
Class D-1 International Equity, Class E-1 Emerging Markets Equity and
Class F-1 Alternative Strategies (each, a "PIE Fund" and collectively, the "PIE Funds") today announced its intention to terminate the PIE Funds on June 10,
On August 15, 2012, CFG announced that it had entered into an agreement
with Pro-Financial Asset Management Inc. ("PFAM") pursuant to which PFAM would assume the management of the Corporation
and the PIE Funds (the "Transaction"). The Transaction was subject to regulatory approval and approval of
the shareholders of the PIE Funds. The matter was also referred to the
Independent Review Committee for the PIE Funds. Shareholder approval
for the Transaction was obtained at a duly called special meeting of
shareholders on September 26, 2012. On September 24, 2012, CFG applied
for regulatory approval with respect to the Transaction. Pursuant to
exemptive relief granted by the Ontario Securities Commission, the
lapse date of the simplified prospectus of the PIE Funds was extended
from December 15, 2012 to February 19, 2013 and then further to March
30, 2013. As of March 30, 2013, the PIE Funds were no longer being
offered and regulatory approval for the Transaction had not been
In light of the regulatory approval not being obtained for the
Transaction and the resulting lapse of the PIE Funds offering
documents, CFG will terminate the PIE Funds as of June 10, 2013.
About R.N. Croft Financial Group Inc.
CFG is a boutique portfolio management company, providing fully
customized discretionary asset management to discriminating investors.
The firm's investment approach combines low cost tax-efficient indexed
investment strategies, with targeted active management, and
sophisticated options techniques to maximize client returns at any risk
SOURCE: R.N. Croft Financial Group Inc.