Update on the proposed merger, name changes and increased distributions involving Aston Hill's "Strategic Yield Funds"

TORONTO, Dec. 15, 2011 /CNW/ - Aston Hill Asset Management Inc. (the "Manager") announced that Aston Hill Global Convertible Bond Fund, Aston Hill Global Convertible Bond Class and Aston Hill Global Convertible Bond Trust have changed their names to Aston Hill Strategic Yield Fund, Aston Hill Strategic Yield Class and Aston Hill Strategic Yield Trust, respectively.

The Manager also announced that the distribution for Aston Hill Strategic Yield Fund will increase to 4.25 cents per month (or 6.1% yield, based on the most current NAV per unit), effective in January 2012.

The Manager also announced that, subject to receiving unitholder approval, the previously announced proposed merger of Aston Hill Global High Income Fund (the "Fund", formerly called Navina/Lazard U.S. High Yield Bond Fund) into Aston Hill Global Convertible Bond Class and Aston Hill Global Convertible Bond Fund will be implemented after the close of business on December 20, 2011 (the "Effective Date").

As a result, unitholders will be provided an additional opportunity to redeem their units at the close of business on December 19, 2011.  The redemption price for each unit will be determined in the same manner as for redemptions which occur on regularly scheduled redemption dates, namely the net asset value per unit on December 19, 2011 less any cost of funding the redemption and less the pro rata portion of the promissory note then outstanding.  In order for a unitholder to exercise this additional redemption right, the unitholder's redemption request must be received by the Fund not later than 4:00 p.m. on December 19, 2011 and the redemption price will be paid three business days thereafter.  All other requirements relating to the regular redemption of units also apply to this additional redemption right.

Additional information concerning the Continuing Funds is available at www.astonhill.ca and www.sedar.com.  Additional information concerning the proposed merger is contained in the materials sent to unitholders of the Fund and is available at www.sedar.com.

About Aston Hill

The Manager is a wholly-owned subsidiary of Aston Hill Financial Inc. (TSX: AHF).  Aston Hill Financial is a diversified asset management company with a suite of retail mutual funds, closed-end funds, private equity funds, hedge funds and segregated institutional funds.  It is also engaged in oil and gas property management.  Aston Hill Financial has offices in Calgary and Toronto.