NOVATO, Calif., May 2, 2016 /PRNewswire/ -- Hennessy Advisors,
Inc. (NASDAQ: HNNA) today announced that it has signed a
definitive agreement with Westport Advisers, LLC to purchase the
assets related to the management of The Westport Funds, which are
the Westport Fund and the Westport Select Cap Fund. The
Westport Funds currently have assets of approximately $640 million, which would bring total assets
managed by Hennessy Advisors, Inc. to over $7 billion after the acquisition. The
transaction is expected to be completed in the third quarter of
2016.
Upon completion of the transaction, the assets related to the
Westport Fund and the Westport Select Cap Fund will merge into the
Hennessy Cornerstone Mid Cap 30 Fund, with shareholders of the
Westport Funds becoming shareholders of the Hennessy Cornerstone
Mid Cap 30 Fund. Hennessy Advisors, Inc. is the investment
manager of the Hennessy Cornerstone Mid Cap 30 Fund. The
transaction is subject to regulatory review and the approval of the
Hennessy Funds' Board of Trustees, The Westport Funds' Board of
Trustees and the Westport Funds' shareholders.
"Hennessy Advisors is committed to the mutual fund business and
has a solid reputation in the asset management industry," said
Andrew J. Knuth, Co-Founder of
Westport Advisers, LLC and Chairman of Westport Asset
Management. "We believe our shareholders will receive
excellent portfolio management and service under the leadership of
Neil Hennessy and the team at
Hennessy Advisors," noted Edmund H.
Nicklin, Co-Founder of Westport Advisers, LLC.
"We look forward to welcoming the Westport shareholders into the Hennessy
family, and we are committed to a smooth transition. At
Hennessy, our shareholders come first. We strive to deliver strong
investment management and performance, quality customer service and
a high standard of business ethics to our shareholders, and we are
very proud of our track record in each of these areas," said
Neil Hennessy, Chairman, CEO and
President of Hennessy Advisors, Inc.
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc.
is a publicly traded investment manager offering a broad range of
domestic equity, balanced and fixed income, and sector and
specialty mutual funds. Hennessy Advisors, Inc. is committed
to superior service to shareholders and a consistent and repeatable
investment process, combining time-tested stock selection
strategies with a highly disciplined, team-managed approach.
Additional Information
Nothing in this press release shall be considered a solicitation to
buy or an offer to sell a security to any person in any
jurisdiction where such offer, solicitation, purchase or sale would
be unlawful under the securities laws of such jurisdiction.
This press release contains forward-looking statements, which do
not relate strictly to historical or current facts.
Forward-looking statements are beyond the ability of Hennessy
Advisors, Inc. to control and, in many cases, Hennessy Advisors,
Inc. cannot predict what factors would cause actual results to
differ materially from those indicated by forward-looking
statements. Among other risks and uncertainties is the
ability of Hennessy Advisors, Inc. to successfully merge the assets
of The Westport Funds into the Hennessy Funds. As a result,
no assurance can be given as to future results, levels of activity,
performance or achievements, and Hennessy Advisors, Inc. assumes no
responsibility for the accuracy and completeness of any
forward-looking statements.
This press release is not a solicitation of a proxy from any
shareholder of The Westport Funds. In soliciting shareholder
approval of the transactions, Hennessy Funds Trust and The Westport
Funds and their respective trustees, Hennessy Advisors, Inc. and
Westport Advisers, LLC, may be deemed to be participants in the
solicitation. Information about the trustees of Hennessy
Funds Trust may be found in the 2015 Annual Reports of the Hennessy
Funds filed with the SEC on January 8,
2016, and Statement of Additional Information filed with the
SEC on February 29, 2016.
Information about the trustees of The Westport Funds may be found
in their 2015 Annual Report filed with the SEC on March 2,
2016, and Statement of Additional Information filed with the SEC on
April 29, 2016. Shareholders of The Westport Funds
should read the definitive prospectus/proxy statement that will be
filed in connection with the solicitation because it will contain
important information, including a description of any direct or
indirect interest of the participants in the solicitation.
The definitive prospectus/proxy statement and other relevant
documents (when available) may be obtained free of charge from the
SEC's website at www.sec.gov or by calling 1-800-966-4354.
Available Topic Expert(s): For information on the listed
expert(s), click appropriate link.
Neil J. Hennessy
ProfNet -
https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=100270
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/hennessy-advisors-inc-to-acquire-the-westport-funds-300261137.html
SOURCE Hennessy Advisors, Inc.