INITIAL SHARE. Prior to the Closing, the Acquiring Fund will issue one Acquiring Fund Share (the “Initial Share”) to SCM (the “Sole Shareholder”) in exchange for Ten Dollars ($10.00) per share for the sole purpose of allowing the Sole Shareholder to approve certain organizational items on behalf of the Acquiring Fund. The Initial Share shall be redeemed and cancelled by the Acquiring Fund in exchange for Ten Dollars ($10.00) per share immediately prior to the Closing.
Appears in 2 contracts
Sources: Reorganization Agreement (Financial Investors Trust), Agreement and Plan of Reorganization (Financial Investors Trust)