Lack of response from shareholders means AIM Investments
is still awaiting final approval on a series of fund mergers initially proposed last November.
At that time, Houston-based AIM announced plans for its second round of fund restructuring in a year. This time around, the company wants to roll six funds into five other funds. The voting process had been slated to conclude February 28, but a dearth of ballots saw it carried over to March 7. The March 7 shareholder meeting was in turn adjourned, spokesperson Ivy McLemore confirmed, until March 16, in order to allow time for the collection of additional votes on the action.
McLemore indicated such holdups are a function of widespread distribution. "It's not unusual for funds that have large shareholder bases to continue to try to solicit votes over a certain period of time," he said. "The prime reason by far is the number of shareholders that need to be solicited for their votes."
If the requisite ballots can be gathered by March 16, AIM will proceed as planned, completing half the mergers on March 24 and the other half on April 7.
Stay ahead of the news ... Sign up for our email alerts now