TORONTO, Sept. 10 /CNW/ - Middlefield is pleased to announce further
specifics of the intended merger announced August 30, 2007, of ACTIVEnergy
Income Fund ("ACTIVEnergy" or the "Continuing Fund") (TSX: AEU.UN) and ALBERTA
FOCUSED Income & Growth Fund ("Alberta Focused" or the "Terminating Fund")
(TSX: AFZ.UN) (collectively, the "Funds") with ACTIVEnergy being the
Continuing Fund (the "Merger"). The Merger is intended to combine two Funds
that possess similar objectives and investment strategies in order to provide
unitholders with the opportunity to hold units of a continuing fund that
offers a larger market capitalization, increased trading liquidity and lower
operating costs on a per unit basis.
Completion of the Merger is expected to take place on or about October
26, 2007 (the "Effective Date") and is subject to all regulatory requirements
and customary closing conditions being satisfied. The Merger will be effected
on a tax-deferred "rollover" basis at an exchange ratio calculated as the net
asset value per unit of the Terminating Fund divided by the net asset value
per unit of the Continuing Fund, each determined as at the close of trading on
the TSX on the business day immediately prior to the Effective Date.
Following completion of the Merger, it is expected that the Continuing
Fund will pay distributions at ACTIVEnergy's current annualized rate of $1.32
per unit. The first monthly distribution of the Continuing Fund of $0.11 per
unit will be payable on November 15, 2007 to unitholders of record on October
31, 2007. Based upon the current exchange ratio, it is anticipated that
unitholders of the Terminating Fund will receive distributions at a rate which
is substantially greater than that which they currently receive.
The Manager has provided those unitholders who do not wish to participate
in the Merger and become unitholders of ACTIVEnergy with the opportunity to
redeem their units before the Effective Date. Surrendered units will be
redeemed at a price calculated with reference to the net asset value per unit
in accordance with the fund's declaration of trust.
ACTIVEnergy trades under the symbol AEU.UN on the Toronto Stock Exchange.
For additional information, please contact Nancy Tham, Senior Vice President,
at (416) 847-5349.
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 merger and expected completion thereof; the expected
benefits of the merger and future distributions; and the Funds that are
proposed to be merged. 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 each Fund. There are no
assurances the Funds can fulfill such forward-looking statements and the Funds
do 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 one or more of the Funds, some
of which are beyond the control of the Funds.
For further information:
For further information: Nancy Tham, Senior Vice President, at (416)