Active funds ready for merger

The merger of three of the mutual funds managed by Active Management International is about to be completed, following the endorsement of the conversion options for the shares by the National Securities Commission (CNVM). The Active Dinamic Fund will absorb Active Junior and Active Classic funds, and the investors will be allowed to have their shares in the latter two redeemed or swapped for Active Dinamic shares. The investors will be allowed to swap every share held in Active Junior for 0.036 Dinamic units, while any Active Classic share will be possible to swap for 0.362 Dinamic units. The mutual fund law allows investors to hold fractions of fund shares, but only if they have at least one full share, so that anyone holding less than 28 Junior shares or less than 3 Classic shares will have to come up with some cash if they want to become Active Dinamic investors. It is the investors that opted for the merger of the three funds over liquidation or maintaining the status quo. The solutions were proposed by the management company in order to turn the funds around. ZF