CALGARY, March 19 /CNW/ - True Energy Trust ("True" or the "Trust"),
announced today that Institutional Shareholders Services ("ISS"), Canada's
leading independent proxy advisory firm and formerly known as Fairvest,
recommends that its clients, including institutional investment firms, mutual
funds and other fiduciaries throughout Canada, the US and the world VOTE FOR
the proposed reorganization (the "Reorganization") of True into an
intermediate oil and gas exploration company and VOTE FOR the option plans
proposed by True in connection with the Reorganization.
In making the recommendations, ISS reviewed the background and terms of
the Reorganization, the news release of Lawrence Asset Management Inc.
("LAMI") and the Board's response to LAMI's alternative proposal and other
materials related to the proposed Reorganization, and concluded the proposed
Reorganization warrants the approval of True unitholders.
"We are pleased that after a thorough and independent review, ISS has
confirmed that the transaction should be supported by our unitholders," said
Paul Baay True Energy's President and CEO.
The Board of True is unanimous in its commitment to enhance unitholder
value by way of the Reorganization which management and the Board of True
believes will provide a superior value to True unitholders over time.
Tristone Capital Inc. and National Bank Financial Inc. have been engaged
as financial advisors to the Board in connection with the Reorganization and
National Bank Financial Inc. has provided its fairness opinion, a copy of
which is included in True's Information Circular in respect of the
Reorganization, that the consideration to be received by True securityholders
pursuant to the Reorganization is fair, from a financial point of view, to
The Board of True continues to unanimously support and unanimously
recommends voting in favour of the Reorganization and related matters as
detailed in the Information Circular. The annual and special meeting at which
the vote is scheduled to take place is March 30, 2007 at 10:00 AM (Calgary
time). If you have any questions regarding the Reorganization or how to fill
out your proxy, please feel free to contact Kingsdale Shareholder Services Inc
at 1-866-639-8089 or 1-416-867-2272 who would be pleased to help.
For further information:
For further information: Paul Baay, President and CEO, (403) 750-1272;
Edward Brown, Vice President, Finance and CFO, (403) 750-2655; Scott Koyich,
Investor Relations, (403) 750-2428; Troy Winsor, Investor Relations, (800)