Lysander Funds Limited Announces Holdings in Canso Credit Income Fund

/EIN News/ -- TORONTO, July 04, 2024 (GLOBE NEWSWIRE) -- Lysander Funds Limited (“Lysander”) announced today that on July 3, 2024, it acquired: (i) pursuant to a Recirculation Agreement between Canso Credit Income Fund (TSX: PBY.UN) (the “Issuer”) and RBC Dominion Securities Inc. dated July 16, 2010, as amended, 683,100 unsettled Class A Units of the Issuer at a face value of $15.1200 per Class A Unit for a total value of $10,328,472, and (ii) 9,418 unsettled Class A Units of the Issuer at an average face value of $15.0979 per Class A Unit for a total value of $142,192.02 (collectively, the “Acquisition”). Lysander is the investment fund manager of the Issuer.

Prior to the Acquisition, Lysander directly and indirectly owned and exercised control over approximately 1,120,369 Class A Units and 575 Class F Units, representing approximately 12.30% of the 9,116,660 issued and outstanding Class A Units on a partially-diluted basis. Class F Units are convertible into Class A Units.

As a result of the Acquisition, Lysander now directly and indirectly owns and exercises control over 1,812,887 Class A Units on a non-diluted basis, representing 19.89% of the 9,116,085 issued and outstanding Class A Units, and 575 Class F Units, representing approximately 0.27% of the 214,325 issued and outstanding units of Class F Units. Accordingly, assuming all of the Class F Units held by Lysander were exercised for Class A Units (and no other Class F Units were exercised), Lysander would have direct control and direction over 1,813,462 Class A Units, representing approximately 19.89% of the 9,116,660 issued and outstanding units of Class A Units on a partially-diluted basis after the Acquisition. This represents an increase of approximately 7.59% from the 12.30% held prior to the Acquisition on a partially-diluted basis.

The Class A Units held by Lysander as a result of the Acquisition are being held for investment purposes and to keep the units surrendered for redemption and recirculation issued and outstanding, rather than being redeemed by the Issuer. Lysander may, depending on market, general economic, industry and other conditions and considerations, and in compliance with applicable securities laws, increase or decrease its respective ownership or control of Class A Units for investment purposes and to keep the Class A Units in circulation whether through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.

Lysander will file an early warning report (the “Early Warning Report”) with the securities regulators in each of the provinces of Canada with respect to the foregoing matters pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of the Early Warning Report will appear on the Issuer’s profile on SEDAR+ at www.sedarplus.ca.

Canso Credit Income Fund is located at 3080 Yonge Street, Suite 4000, Toronto, Ontario, M4N 3N1.

For further information or to obtain a copy of the Early Warning Report filed in connection with this matter, please contact:

Richard Usher-Jones
President
Lysander Funds Limited
Tel. No. 416-640-4275
Fax No. 416-855-6515

For further information on Lysander, please visit www.lysanderfunds.com, email manager@lysanderfunds.com or you can reach Lysander at 1-877-308-6979.