Pathfinder Unitholders Approve Fund Extension
CALGARY, May 15, 2014 /CNW/ - Middlefield Group, on behalf of Pathfinder Convertible Debenture Fund ("Pathfinder" or the "Fund"), is pleased to announce that unitholders approved a special resolution at a meeting held today, the primary purpose of which was: (i) to extend the life of the Fund beyond its scheduled termination date of November 28, 2014; and (ii) to simplify Pathfinder's structure in order to enable it to invest directly in a portfolio of convertible debenture securities following the termination of its current forward purchase and sale agreement later this year. As a result, unitholders will directly benefit from the elimination of the counterparty fee paid by the Fund under its forward agreement, which amounts to approximately 0.35% per annum, as well as from general and administrative cost savings due to the removal of the underlying fund associated with the forward agreement. No action is required for unitholders to continue their investment in the Fund.
Pathfinder trades on the Toronto Stock Exchange under the symbol "PCD.UN".
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, among other things, the expected benefits of extending the life of the Fund and the termination of the forward purchase and sale agreement. 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; the performance of the Fund; and changes in portfolio composition. There are no assurances the Fund will achieve the results contemplated by such forward-looking statements and the Fund does not undertake any obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the Fund, some of which are beyond the control of the Fund.
SOURCE Pathfinder Convertible Debenture FundFor further information:
please visit our website at www.middlefield.com or contact Nancy Tham, Managing Director, Sales and Marketing, at 416.847.5349 or 1.888.890.1868.