Uranium Focused Energy Fund Merger into MBN Corporation
CALGARY, Aug. 21, 2013 /CNW/ - Further to the press releases dated June 24, 2013 and August 1, 2013, Middlefield Group is pleased to announce that all necessary approvals have been obtained to complete the merger of Uranium Focused Energy Fund ("Uranium") and MBN Corporation ("MBN"), with MBN being the continuing fund. Pursuant to the merger, MBN will acquire the assets and assume the liabilities of Uranium and will issue Equity Shares of MBN, a non-redeemable investment fund, to Uranium unitholders in satisfaction of the purchase price for all of the property of Uranium. The merger will proceed on August 28, 2013, as scheduled, following which, Uranium units will be delisted from the TSX. Payment in respect of the final redemption offered to Uranium unitholders will be made on August 22, 2013 at a price of $2.07 per unit.
MBN's principal objective is to create long-term value through the implementation of a dual track strategy. The first track is to grow MBN's assets under management by merging with other investment funds in order to reduce per share administrative expenses and increase shareholder liquidity. The second track is to pursue opportunities within the broader financial services sector to acquire investment management companies and/or establish such companies working with proven investment managers.
Equity Shares of MBN trade under the symbol "MBN" on the TSX.
Certain statements in this press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "plans", "estimates" or "intends" (or negative or grammatical variations thereof), or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Statements which may constitute forward-looking statements relate to: the proposed timing of the merger between Uranium and MBN and expected completion thereof; the funds that are proposed to be merged; and the retraction of Equity Shares by MBN. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements including as a result of changes in the general economic and political environment, changes in applicable legislation, and the performance of each fund. Actual events or results may differ materially from such forward-looking statements as a result of risks facing one or both of the funds, most of which are beyond the control of the funds. There are no assurances the funds can fulfill such forward-looking statements and the funds do not undertake any obligation to update such statements.
SOURCE MBN CorporationFor further information:
For further information on MBN, including its annual report and annual information form which outline MBN's investment strategy and other features and attributes, please visit our website at www.middlefield.com or contact Richard Faiella, Managing Director 1.888.890.1868 or email@example.com.