The First Asset Pipes & Power Income Fund has filed a final prospectus dated 12 January, 2015 with the securities regulatory authorities of all of the provinces and territories of Canada for conversion to an exchange-traded fund (ETF).
The conversion was approved by unitholders at a special meeting held on 18 December, 2014.
The Fund will automatically convert into an ETF on 16 January, 2016, when its name will change to “First Asset Active Utility & Infrastructure ETF”. The Fund’s investment objectives, strategies and restrictions are changing in order to, among other things, expand the universe of issuers in which it may invest, and ensure that it complies with the securities laws that apply to exchange traded funds.
The Fund’s existing units will be re-designated as common units of the ETF, and their ticker symbol will change to FAI from EWP.UN.
A new class of advisor units of the ETF will be created. The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the advisor units under the symbol FAI.A, subject to the fulfillment of the TSX requirements. A further press release will be issued announcing the commencement of trading of the advisor units.
Unitholders are not required to take any action in connection with the conversion. Further details of the conversion are described in the management information circular that was mailed to unitholders on or about 17 November, 2014.