/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Dec. 10 /CNW/ - T. Boone Pickens Energy Fund (the "Fund") is pleased to announce the exchange ratios for the Fund's exchange option (the "Exchange Option") with respect to its initial public offering.
Under the Exchange Option, prospective purchasers had the opportunity to exchange freely-tradeable listed securities ("Exchange Eligible Securities") of certain energy-related issuers, including exchange-traded funds, listed on the Toronto Stock Exchange for Class A Combined Units or Class F Combined Units of the Fund (each Combined Unit of a class consisting of one Unit of the class and one Warrant for one Unit of the class).
Under the Exchange Option, the number of Combined Units of a class issuable for each Exchange Eligible Security deposited by a prospective purchaser was determined by dividing the weighted average trading price of the Exchange Eligible Security on the Toronto Stock Exchange during the five consecutive trading days ending on December 8, 2009, as adjusted to reflect dividends declared or distributions pending which will not be received by the Fund (such adjusted trading price being the "Exchange Price") by $10.00, being the issue price per Combined Unit of the class.
The following table sets out the Exchange Prices and exchange ratios (which represent the number of Combined Units of each class to be received by a prospective purchaser for each Exchange Eligible Security deposited) in respect of the Exchange Eligible Securities.
Exchange Class A and Class F
Price Exchange Ratio
Advantage Oil & Gas Ltd. $6.05 0.6051
ARC Energy Trust $19.58 1.9578
Baytex Energy Trust $28.07 2.8069
Birchcliff Energy Ltd. $7.37 0.7366
Bonavista Energy Trust $20.26 2.0261
Canadian Natural Resources Limited $69.51 6.9508
Canadian Oil Sands Trust $29.70 2.9704
Claymore Natural Gas Commodity ETF $5.01 0.5006
Claymore Oil Sands Sector ETF $16.52 1.6523
Crescent Point Energy Corp. $38.97 3.8972
Crew Energy Inc. $11.98 1.1976
Daylight Resources Trust $9.04 0.9043
EnCana Corporation $29.19 2.9186
Enerflex Systems Income Fund $13.68 1.3677
Enerplus Resources Fund $24.01 2.4011
Ensign Energy Services Inc. $14.10 1.4097
Freehold Royalty Trust $15.08 1.5083
Harvest Energy Trust-Units $9.92 0.9920
Husky Energy Inc. $27.48 2.7485
Imperial Oil Limited $39.61 3.9613
iShares CDN S&P/TSX Capped Energy
Index Fund $17.89 1.7893
Mullen Group Ltd. $15.19 1.5188
NAL Oil & Gas Trust $12.56 1.2556
Nexen Inc. $25.05 2.5047
Niko Resources Ltd. $93.69 9.3689
NuVista Energy Ltd. $10.99 1.0990
Pacific Rubiales Energy Corp. $15.34 1.5338
Paramount Energy Trust $4.74 0.4744
Pason Systems Inc. $10.76 1.0760
Pengrowth Energy Trust $9.89 0.9888
Penn West Energy Trust $18.21 1.8213
PetroBakken Energy Ltd. $29.86 2.9857
Petrobank Energy and Resources Ltd. $50.61 5.0613
Peyto Energy Trust $12.03 1.2031
Precision Drilling Trust Unit $7.21 0.7206
Progress Energy Resources Corp. $12.82 1.2822
Provident Energy Trust $6.85 0.6848
Savanna Energy Services Corp. $6.60 0.6600
ShawCor Ltd. $27.91 2.7907
Suncor Energy Inc. $37.89 3.7887
Talisman Energy Inc. $18.26 1.8257
Trican Well Service Ltd. $12.52 1.2516
Trinidad Drilling Ltd. $6.53 0.6529
UTS Energy Corporation $2.14 0.2145
Vermilion Energy Trust $30.78 3.0780
In the event that additional dividends or distributions are declared on Exchange Eligible Securities prior to closing, adjustments may be made to the relevant Exchange Ratios. Fractional Combined Units will not be issued. The Exchange Option expired at 5:00 p.m. (Toronto time) on December 8, 2009.
The Fund has been created to provide investors with the opportunity for long-term capital growth by providing access to the energy-related investment strategies of TBP Investments Management LLC (the "Portfolio Manager"). The Portfolio Manager and its management team are led by Mr. T. Boone Pickens. The Fund will seek to achieve its investment objective by investing the net proceeds of the offerings in an actively managed portfolio consisting primarily of equity and commodity-related investments within the energy and energy-related sectors.
The Toronto Stock Exchange has conditionally approved the listing of the Class A Combined Units under the symbol TBP.A, the Class A Units under the symbol TBP.UN and the Class A Warrants under the symbol TBP.WT.
For further information, please visit the Fund's website at www.bmocm.com/bmosp under "Closed-End Funds".
About BMO Capital Markets
BMO Capital Markets is a leading full-service North American financial services provider, with over 2,400 employees operating in 14 North American offices and 27 worldwide, offering corporate, institutional and government clients access to a complete range of investment and corporate banking products and services. BMO Capital Markets is a member of BMO Financial Group (NYSE, TSX: BMO), one of the largest diversified financial services providers in North America with US$385 billion in total assets and 37,000 employees as at July 31, 2009.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities of the Fund offered have not been registered under the U.S. Securities Act of 1933 (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States or to a U.S. person absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.
An amended and restated preliminary prospectus containing important information relating to the Combined Units, Units and Warrants has been filed with the securities commission or similar authority in each province and territory of Canada. The amended and restated preliminary prospectus is still subject to completion or amendment. Copies of the amended and restated preliminary prospectus may be obtained from BMO Capital Markets, Distribution Department, 1 First Canadian Place, B2 Level, Toronto, Ontario, M5X 1H3 (telephone: 416-363-6996, ext. 224). There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.
SOURCE T. Boone Pickens Energy Fund
For further information: For further information: BMO Capital Markets: Kim Hanson, (416) 867-3996, firstname.lastname@example.org; Internet: www.bmocm.com/bmosp (Closed-End Funds)