Notice of Tax Refund Distribution to CVR Holders of the Marquest Mutual Funds Inc. – Flex Dividend and Income Growth™ Series Fund
Notice of Tax Refund Distribution to CVR Holders of the Marquest Mutual Funds Inc.
– Flex Dividend and Income Growth™ Series Fund
Toronto, Ontario, June 26, 2024 – Further to the Press Release dated April 6, 2023 with regard to the Notice of Termination of the Marquest Mutual Funds Inc. – Flex Dividend and Income Growth™ Series Fund (the “Fund”), Marquest Asset Management Inc. (the ”Manager”), the Manager of Marquest Mutual Funds Inc. (the “Corporation”), is pleased to announce that the Fund has received a refund (the “Refund”) in respect of its eligible refundable dividend tax on hand account, as defined in the Income Tax Act (Canada) (“ERDTOH”). The Refund will be distributed on June 28, 2024 proportionately to investors who hold a Contingent Value Right (CVR) that was registered on May 9th, 2023.
The Corporation is subject to tax under the Income Tax Act (Canada) in respect of certain kinds of passive investment income it earns. An amount computed by reference to the taxes paid in respect of certain kinds of passive income gets added to the Corporation’s ERDTOH account. This account generates a refund when certain kinds of taxable dividends are declared and paid to shareholders of the Corporation. As the Fund represents a class of shares of the Corporation, the Manager has allocated a portion of the Corporation’s ERDTOH account to the Fund.
We encourage all shareholders of the Fund to consult with their financial and tax advisors to understand the financial and tax implications associated with receiving the Refund of the Fund.
If you have any questions regarding the termination of the Fund, please do not hesitate to contact us by email at clientservices@marquest.ca or by phone at 1-888-964-3533.
Sincerely,
Marquest Asset Management Inc., as Manager on behalf of the Fund
Notice on forward-looking statements:
This press release includes forward-looking statements regarding the Corporation and the Fund. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the Manager, and are based on assumptions and subject to risks and uncertainties. Although the Manager believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Fund. Although the Manager has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward- looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable securities laws, the Manager undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.