BPI Global Balanced RSP Fund investors approve merger

TORONTO, Dec. 4 /CNW/ - BPI Mutual Funds announced today that unitholders of the BPI Global Balanced RSP Fund have overwhelmingly approved its merger into the BPI Income & Growth Fund. Over 95 percent of the votes cast at a special meeting today were in favour of the merger.

Following the merger, which will take place after the close of business on Dec. 11, 1998, unitholders of BPI Global Balanced RSP Fund will become unitholders of BPI Income & Growth Fund. The merger is subject to regulatory approval. Effective 5:00 p.m. today, units of BPI Global Balanced RSP Fund will no longer be offered for sale.

BPI, as manager of the Funds, is paying all costs associated with implementing the proposed merger, including calling and holding today's special meeting of unitholders.

BPI Financial Corporation (TSE:BPF), through its wholly owned subsidiary BPI Capital Management Corporation, is the sponsor, manager and distributor of BPI Mutual Funds.

BPI Mutual Funds is one of Canada's leading independent mutual fund companies, managing over $3.5 billion in assets on behalf of more than 250,000 Canadians. Now in its 11th year of operation, BPI manages a variety of funds to suit individual investment needs.

THE TORONTO STOCK EXCHANGE NEITHER AGREES NOR DISAGREES WITH THE INFORMATION CONTAINED HEREIN.

12/04/1998

For further information: James L. McGovern, President and CEO, BPI Mutual Funds, (416) 216-2259

News release courtesy Canada NewsWire.

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