CALGARY, March 7, 2017 /CNW/ - Middlefield Group is pleased to announce a special meeting of unitholders of ACTIVEnergy Income Fund (the "Fund"), was held today at which approximately 95.8% of the unitholders of the Fund present in person or represented by proxy voted in favour of a resolution authorizing the tax-deferred conversion of the Fund into an open-end mutual fund trust on or about June 5, 2017 (the "Effective Date").
The conversion is expected to benefit unitholders of the Fund by providing an opportunity to hold units of an open-end mutual fund that offers daily purchases at net asset value. Following the conversion, the Fund's investment objectives will remain unchanged.
Investment Objective – the Fund will continue the successful strategy of investing in a diversified portfolio of dividend paying energy companies operating in Canada and the U.S.
Distribution – the Fund currently provides and intends to maintain a monthly distribution representing a current annualized yield of approximately 5.0%.
Completion of the conversion is subject to the receipt of all necessary approvals and customary closing conditions. Middlefield Limited will submit an application to de-list the Fund's units from trading on the TSX as of the trading day immediately prior to the Effective Date.
Certain statements in this press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "plans", "estimates" or "intends" (or negative or grammatical variations thereof), or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Statements which may constitute forward-looking statements relate to: the proposed timing of the conversion and completion thereof and the benefits of the conversion. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements including as a result of changes in the general economic and political environment, changes in applicable legislation, and the performance of the fund. There are no assurances the fund can fulfill such forward-looking statements and the fund does not undertake any obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the fund, many of which are beyond the control of the fund.
SOURCE ACTIVEnergy Income Fund
For further information: on the Fund, please visit our website at www.middlefield.com or contact Nancy Tham or Michael Bury in our Sales and Marketing Department at 1.888.890.1868.