The NEO Exchange said that Faircourt Asset Management has been granted final approval to migrate two closed-end funds into it from the Toronto Stock Exchange.
The Faircourt Split Trust, including both units (FCS.UN) and preferred securities (FCS.PR.C), and the Faircourt Gold Income Corp. (FGX) (collectively, “the Funds”) will be voluntarily delisted from the TSX on December 20, 2018 and begin trading on NEO on December 21, 2018. Following the migration, Faircourt anticipates cost savings which they intend to pass on to securityholders.
Faircourt Asset Management president and CEO Charles Taerk said: “When we launched these Funds over ten years ago, there was only one exchange for us to list on. Today, we have options because of NEO and their efforts to bring competition to the Canadian capital markets.
“We look forward to migrating our funds to NEO later this week and begin realizing costs savings with our listing fees. We are committed to pass along these savings to our securityholders.”
When the funds complete their migration, Faircourt will become the twelfth and newest fund provider to list products on NEO.
NEO president and CEO Jos Schmitt said: “We are pleased to welcome Faircourt to NEO and are proud to see yet another fund company realize the positive impact and cost savings we can enable for investors.
“We created our exchange to meet the needs of long-term investors and capital-raising companies. The listing fees we charge for closed-end funds are based on our work-effort, not exaggerated by being the ‘only place’ where you can list.
“This is competition at its best and it can easily be leveraged by all close-end fund providers, to the direct and immediate benefit of their investors. The process to change a fund’s listing venue is simple and straightforward, with typically less than a month from application to migration.”
The NEO Exchange is currently home to eight corporate listings, over 65 fund listings from eleven Canadian providers, and consistently facilitates approximately 22 per cent of all Canadian ETF trading volume. Click here for a complete view of all NEO-listed securities.
Source: Company Press Release