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| HNNA.OB > SEC Filings for HNNA.OB > Form 8-K on 12-Dec-2008 | All Recent SEC Filings |
12-Dec-2008
Entry into a Material Definitive Agreement, Financial Statements and Exhibi
On December 9, 2008, Hennessy Advisors, Inc. (the "Company") reached a definitive agreement to acquire certain assets of Voyageur Asset Management Inc. that relate to the management of the Tamarack Value Fund and the Tamarack Large Cap Growth Fund. These two funds have combined assets of just under $200 million. Upon completion of the transactions, the Company will become the manager of the Tamarack Value Fund and Voyageur Asset Management will act as the Fund's sub-advisor. The fund will be named Hennessy Select Large Value Fund. The assets related to the Tamarack Large Cap Growth Fund will be invested in the currently unfunded Hennessy Cornerstone Large Growth Fund (f/k/a Hennessy Large Cap Growth Fund), with the Company as the manager of the Fund. The transactions have been approved by the Board of Directors of the Company and the Board of Directors of Voyageur Asset Management Inc., but are still subject to customary closing conditions and are subject to the approvals of the Board of Trustees of Hennessy Funds Trust, the Board of Trustees of Tamarack Funds Trust and the shareholders of the Tamarack Value Fund and the Tamarack Large Cap Growth Fund.
The cash purchase price for the Tamarack Value Fund is an initial payment of 0.75% of the aggregate net asset value of the Tamarack Value Fund as of the close of business on the business day immediately preceding the date the transaction closes (the "Closing NAV"), to be paid at closing, with an additional contingent cash payment of up to 0.75% of the Closing NAV to be paid six months after the closing. The cash purchase price for the Tamarack Large Cap Growth Fund is 2.00% of the aggregate net asset value of the Tamarack Large Cap Growth Fund as of the close of business on the business day immediately preceding the date the transaction closes, to be paid at the closing. The transactions are expected to close in March of 2009. The agreements include customary representations, warranties and covenants.
A copy of the press release announcing the transactions is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Exhibit Description
2.1 Asset Purchase Agreement (for Tamarack Value Fund), dated as of December 9, 2008, between Hennessy Advisors, Inc. and Voyageur Asset Management Inc.*
2.2 Asset Purchase Agreement (for Tamarack Large Cap Growth Fund), dated as of December 9, 2008, between Hennessy Advisors, Inc. and Voyageur Asset Management Inc.*
99.1 Press Release
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