Results of the votes cast at the special meetings of holders of the GBC Mutual Funds

MONTREAL, Jan. 09, 2018 (GLOBE NEWSWIRE) -- Further to the special meetings of holders of the GBC Mutual Funds held on January 8, 2018 (the “Meetings”), Pembroke Private Wealth Management Ltd. (“Pembroke”), the manager of the GBC Mutual Funds and Pembroke Management Ltd. are pleased to announce that the holders overwhelmingly approved the new fee payment model. The management fees in the GBC Mutual Funds will now be paid directly by the holders through the redemption of units or shares, as the case may be, rather than by the funds. “Pembroke is pleased to be celebrating 50 years of growth stock investing and serving the investment needs of our clients, and this new approach results in enhanced fee transparency, aligns the mutual fund fee structure with the pooled fund fee structure and in certain cases results in reduced fees” said Ian Aitken, President and Chief Executive Officer.

The results of the votes cast at the Meetings were as follows:

1. Approval of an ordinary resolution to approve amendments to the Declarations of Trusts of The GBC Money Market Fund, The GBC Canadian Bond Fund, The GBC Growth and Income fund, The GBC Canadian Growth Fund and The GBC International Growth Fund.

Based on the proxies received and the votes on a show of hands, a resolution for the approval of the amendments to the Declarations of Trusts of The GBC Money Market Fund, The GBC Canadian Bond Fund, The GBC Growth and Income fund, The GBC Canadian Growth Fund and The GBC International Growth Fund, in order to provide Pembroke the right to unilaterally redeem units for the payment of its management fee was adopted with the following results:

2. Approval of a special resolution to approve amendments to the Articles of The GBC American Growth Fund Inc.

Based on the proxies received and the votes on a show of hands, a resolution for the approval of the amendments to the Articles of The GBC American Growth Fund Inc., in order to provide Pembroke the right to unilaterally redeem shares for the payment of its management fee was adopted with the following results:

For further information on Pembroke Private Wealth Management Ltd. and the GBC Mutual Funds, please visit www.pml.ca or call 1-800-667-0716 (Montreal) or 1-800-668-7383 (Toronto).

About Pembroke

Pembroke Private Wealth Management Ltd. is a wealth advisory firm that provides clients with customized solutions to secure their financial futures. Our clients include individuals, families, and foundations. The firm was founded in 1988 by Pembroke Management Ltd., an institutional money manager that has been investing in growth stocks since 1968.

Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The GBC Mutual Funds are available for sale in each of the provinces of Canada and only through dealers authorized for that purpose.

Montreal Office:
1002 Sherbrooke Street West
Suite 1700
Montreal Quebec H3A 3S4
Tel: 514-848-0716
Toll free: 1-800-667-0716

Toronto Office:
150 King Street West
Suite 1210
Toronto, Ontario M5H 1J9
Tel: 416-366-2550
Toll free: 1-800-668-7383