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CALGARY, Jan. 7 /CNW/ - Catapult Energy Management 2007 Inc., the general
partner (the "General Partner") of Catapult Energy Small Cap 2007 FTS Limited
Partnership (the "Partnership") is pleased to announce that the Partnership
has completed the transfer and sale (the "Rollover Transaction") of all its
eligible assets on a tax-deferred basis to Ark Resource Corp. (the "Mutual
Fund Corporation") in exchange for Series A shares in the Ark Catapult Energy
Class Fund (the "Energy Class Fund"), a class of shares in the capital of the
Mutual Fund Corporation, effective December 31, 2008.
The Rollover Transaction was approved by the required majority of the
votes cast by limited partners of the Partnership (the "Limited Partners") at
a special meeting of the Partnership held on October 31, 2008. The Rollover
Transaction was also approved by the independent review committee of the
Partnership on September 30, 2008.
As at December 31, 2008 the final net asset value per Partnership unit
was $5.89 and the net asset value per Energy Class Fund share was $10.00. Each
Limited Partner received 0.5895 Series A Energy Class Fund shares for each
Partnership unit held. The Partnership was dissolved on December 31, 2008 and
its assets, including Series A shares of the Energy Class Fund, were
distributed effective December 31, 2008 among the Limited Partners in
accordance with the provisions of the amended and restated partnership
agreement dated April 27, 2007 (the "Partnership Agreement").
Investors who want to redeem their Energy Class Fund shares must contact
their authorized dealer or provide written notice to the Mutual Fund
Corporation, accompanied by the appropriate documentation. The redemption
proceeds (less any applicable fees or other withholdings required under
applicable law) will be paid within three business days after the redemption
price is determined, provided all necessary documents and/or information has
Ark Fund Management is the manager and Catapult Financial Management Inc.
is the portfolio advisor to the Mutual Fund Corporation. The Energy Class
Fund's investment objective is to achieve long-term capital appreciation by
investing primarily in the equity securities of Canadian energy and resource
issuers. The portfolio advisor manages the investment portfolio and assists
the Energy Class Fund in selecting investments in common shares and other
securities of resource issuers, including junior resource issuers, in
accordance with investment strategies that may include investments in
corporate debt, government bonds or small exposures to small capitalization
companies throughout the world, including Canada and the U.S.
The General Partner is a wholly-owned subsidiary of Aston Hill Financial
Inc. (TSXV:AHF). The Partnership was formed under the laws of Alberta and
governed by the Partnership Agreement. The Partnership Agreement was amended
by the general partner on December 29, 2008 to incorporate an amendment
clarifying the interpretation of time under the Partnership Agreement.
Aston Hill Financial Inc. is a Calgary-based asset management company
with expertise in the junior oil and gas sector, energy based trusts, oil and
gas property management, private equity and high yield structured products.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Forward-Looking Statements: This Press Release contains certain
"forward-looking statements" within the meaning of such statements under
applicable securities law. Forward-looking statements are frequently
characterized by words such as "plan", "continue", "expect", "project",
"intend", "believe", "anticipate", "estimate", "may", "will", "potential",
"proposed" and other similar words, or statements that certain events or
conditions "may" or "will" occur. These statements are only predictions.
Various assumptions were used in drawing the conclusions or making the
projections contained in the forward-looking statements throughout this news
release. Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are subject to a variety
of risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
For a detailed description of the risks and uncertainties facing the
Partnership and its business and affairs, readers should refer to the
Partnership's annual financial statements and management report on fund
performance for the year ended December 31, 2007, both of which are available
at www.sedar.com. The Partnership undertakes no obligation to update
forward-looking statements if circumstances or management's estimates or
opinions should change, unless required by law. The reader is cautioned not to
place undue reliance on forward-looking statements.
For further information:
For further information: concerning this Press Release, please contact:
Catapult Energy Management 2007 Inc. - Eric Tremblay, Chief Executive Officer,
(403) 770-4817; Joanne A. Hruska, President, (403) 770-4814; Larry Titley,
Chief Financial Officer, (403) 770-4808