TORONTO, ONTARIO -- (Marketwire) -- 06/09/10 -- Excel Funds Management Inc. ("Excel") announces that, subject to regulatory approval, the Excel India Trust (the "Trust") (TSX: EXI.UN) will merge with the Excel India Fund (the "Fund") which is an open-ended mutual fund managed by Excel. The merger will be effected in accordance with the "permitted merger" provisions set out in the Amended and Restated Declaration of Trust dated July 13, 2007.
Pursuant to the merger, unitholders will have the option to receive Series A units of the Fund or redeem their units for cash at net asset value of the Trust. Series A units of the Fund pay an annual management fee of 2.50% to Excel, which includes an annual rate of trailing commission of 1.00%. Subject to regulatory approval, the merger will be implemented on or about August 28, 2010. As of the end of the business day on August 28th units of the Trust are expected to be delisted from the Toronto Stock Exchange. Due to the merger, the Trust's 2010 annual redemption feature will not be applicable.
Excel believes that the merger will provide unitholders with enhanced liquidity and allow for the continuous right to redeem units of the Fund on a daily basis at the Fund's net asset value. Units of the Trust have continuously traded at a discount to its net asset value. Unitholders of the Fund will also be able to switch from their Series A units of the Fund into other funds offered by Excel.
Excel is pleased to announce the quarterly distribution of $0.05 per unit payable to the unitholders of the Trust. The distribution will be paid on July 15, 2010 to unitholders of record on June 30, 2010.
Founded in 1996, Excel is a specialized fund management company that focuses exclusively on investment opportunities in emerging markets. Excel also manages the Excel India Fund, Excel China Fund, Excel Chindia Fund, Excel Income and Growth Fund, Excel Money Market Fund, Excel Emerging Europe Fund, Excel Latin America Fund and Excel BRIC Fund.
Contacts:
Excel Funds Management Inc.
Paul Mesburis
Investor Relations
1-888-813-9813