Covington Strategic Capital Fund Inc. Announces Proposal to Acquire Financial Industry Opportunities Fund Inc.



    TORONTO, June 1 /CNW/ - Covington Group of Funds has announced a proposal
in which Covington Strategic Capital Fund Inc. ("CSCF"/the "Fund") will
acquire the assets of Financial Industry Opportunities Fund Inc. (FIOF)
(collectively, the "Funds").
    Covington Group of Funds anticipates that the acquisition of
substantially all the assets of FIOF will see the addition of over
$5.1 million in assets to the Fund; which currently has net assets of
approximately $8.3 million. Both FIOF and CSCF, managed by Covington Capital
Corporation, share a number of common investments; making the proposed
acquisition a natural merger of two like entities.
    Under the proposed merger, CSCF will purchase the net assets of FIOF in
exchange for Class A shares of the Fund. The acquisition is subject to
regulatory approvals, the approval of the Board of Directors of each of the
Funds, negotiating final agreements, and approval of both Funds' shareholders.
    Further details with respect to terms, conditions and benefits of the
acquisition will be outlined in the materials that will be provided or made
available to shareholders in advance of the Meeting of the Funds that will be
held to approve the acquisition.

    About Covington Group of Funds

    Founded in 1995, Covington Group of Funds is one of Canada's largest and
most experienced venture capital fund providers. Covington Group of Funds
manages over $450 million in venture capital assets on behalf of 160,000
retail investors. These funds invest in small-and-medium businesses
diversified throughout a number of industry sectors. The Covington Group of
Funds, headquartered in Toronto, is an affiliate of Affiliated Managers Group
Inc. (www.amg.com). AMG is an asset management holding company with equity
interests in a diverse group of mid-sized investment management firms. In
addition, AMG provides centralized assistance to its Affiliates in strategic
matters, marketing, distribution, product development and operations. AMG's
affiliated investment management firms managed over $250 billion in assets at
March 31, 2007.





For further information:

For further information: Fiona Robertson, Vice President Marketing
Communications, Covington Group of Funds, fiona.robertson@covingtonfunds.com

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Covington Group of Funds

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COVINGTON CAPITAL CORP.

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