Polar Enterprise Partners announce the acquisition of Class A Preference Shares of Macro Enterprises Inc.



    TORONTO, Dec. 27 /CNW/ - Polar Enterprise Partners LP ("PEP"), Polar
Enterprise Partners II LP ("PEP II") and Polar Enterprise Partners III LP
("PEP III"), each a fund managed by Polar Capital Investments Inc. (together,
the "Funds"), acquired, in the aggregate, 3,000 subscription receipts (the
"Subscription Receipts") of Macro Enterprises Inc. ("Macro") on
January 4, 2007. Each Subscription Receipt entitled the holder thereof to
receive, without additional payment or further action, one convertible
cumulative non-voting preferred share (the "Class A Preference Share") of
Macro on receipt of the approval of the shareholders of Macro to the creation
of the Class A Preference Shares and the completion of all requisite filings
in relation thereto. On January 30, 2007, the shareholders of Macro approved
the creation of the Class A Preference Shares and Macro issued a press release
announcing that all of the escrow release conditions relating to its
previously announced offering of Subscription Receipts had been satisfied (the
"Qualifying Transaction").
    As a result of the Qualifying Transaction, the Funds' Subscription
Receipts were converted into 3,000 Class A Preference Shares, representing, in
the aggregate, 46.15% of Macro's issued and outstanding Class A Preference
Shares. The Class A Preference Shares are held by the Funds as follows: PEP
holds 1,070 Class A Preference shares, representing 16.46% of Macro's issued
and outstanding Class A Preference Shares; PEP II holds 544 Class A Preference
Shares, representing 8.37% of Macro's issued and outstanding Class A
Preference Shares; and PEP III holds 1,386 Class A Preference Shares,
representing 21.32% of Macro's issued and outstanding Class A Preference
Shares.
    The conversion of the Subscription Receipts was completed pursuant to the
terms of the Qualifying Transaction. No additional consideration was paid by
the Funds for the conversion of the Subscription Receipts into Class A
Preference Shares.
    The Class A Preference Shares were acquired by the Funds in the ordinary
course of business for investment purposes. The Funds may, from time to time,
acquire ownership of, or control over, additional securities of Macro, or
dispose of some or all of the existing or additional securities they hold or
will hold.





For further information:

For further information: or to obtain a copy of the report required
pursuant to the early warning reporting requirements, please contact: Polar
Capital Investments Inc., Suite 3710, 205 5th Ave. S.W., Calgary, Alberta, T2P
2V7, Attention: T. Jerrold Jackson, Telephone: (403) 705-7302

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POLAR CAPITAL INVESTMENTS INC.

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