On September 30, 2003, the First Asia Income Fund completed its reorganization, which included amendments to its investment restrictions to allow investment in North American securities, the assignment of its portfolio management agreement and administration agreement by its former manager, Aberdeen Asset Managers (CI) Ltd., to its new manager, Cinnamon Investments Ltd., and renaming of the fund as “Ravensource Fund.” The reorganization was approved by extraordinary resolution of the unitholders of the fund at a special meeting on August 22. As part of the reorganization, a redemption right of unitholders was also approved at the special meeting, which redemption was completed just prior to the completion of the reorganization.
Aberdeen was represented by Stikeman Elliott LLP, with a team that included William Braithwaite and Chris Flood. Cinnamon was represented by Davies Ward Phillips & Vineberg LLP, with a team that included Vincent Mercier, Patrick Moyer and Brian Calalang. Computershare Trust Company of Canada, the trustee of the fund, was represented by Ogilvy Renault, with a team that included Mark Convery and Victor Peter.