TORONTO, Sept. 4 /CNW/ - Citadel Group of Funds (the "Funds") announced
today that its administrator, Citadel Fund Administrator, has protested what
it believes to be an apparent improper proxy solicitation under Canadian
securities laws by Brompton Administration Limited ("Brompton") and Bloom
Investment Counsel, Inc. ("Bloom"), in connection with the September 30, 2009
Special Meetings of unitholders of certain of the Funds. In addition to
requesting that Brompton and Bloom withdraw their recent press release and
refrain from further improper conduct in respect of the meetings, Citadel Fund
Administrator has informed the Ontario Securities Commission (the "OSC") of
Citadel Fund Administrator has notified the OSC that it is extremely
concerned that Bloom/Brompton are engaging in improper communication with
unitholders. Bloom/Brompton have yet to send a circular to unitholders.
"We are firmly focused on acting in the best interests of unitholders,"
said Mr. Wayne Pushka, President of Citadel Fund Administrator.
"Notwithstanding the actions of other parties, we will continue to conduct
ourselves with the highest level of transparency and corporate governance."
The Bloom/Brompton meeting requisitions are for the following funds:
- Citadel Diversified Investment Trust (TSX:CTD.UN)
- Citadel HYTES Fund (TSX:CHF.UN)
- Citadel S-1 Income Trust Fund (TSX:SDL.UN)
- Series S-1 Income Fund (TSX:SRC.UN)
- Citadel Premium Income Fund (TSX:CPF.UN)
This release contains forward-looking statements. These statements are
based on certain factors and assumptions including, results of operations,
performance and effective income tax rates. While the Funds and Citadel Fund
Administrator consider these factors and assumptions to be reasonable based on
information currently available, they may prove to be incorrect. Several
factors could cause actual results to differ materially from those in the
forward-looking statements, including, but not limited to: the timing of and
the ability to carry out the Reorganization, including the mergers and
fluctuations in the net asset value. Forward-looking statements are given only
as at the date of this release and the Funds and Citadel Fund Administrator
disclaims any obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by applicable law.
For further information:
For further information: Media Contact: Janet Craig, Kingsdale
Communications Inc., (416) 867-2315, email@example.com