Merger with ACTIVEnergy Income Fund and Increase in Annual Distribution Rate to $1.32 per unit



    TORONTO, Aug. 30 /CNW/ - Middlefield is pleased to announce its intention
to merge ACTIVEnergy Income Fund ("ACTIVEnergy") (TSX: AEU.UN) and ALBERTA
FOCUSED Income & Growth Fund ("Alberta Focused") (TSX: AFZ.UN) (collectively,
the "Funds") with ACTIVEnergy being the continuing fund. Subject to obtaining
all necessary regulatory approvals and satisfying all customary closing
conditions, it is anticipated that the merger will occur by the end of October
2007. 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. Additional information regarding the merger will be provided to
unitholders in the near future.
    Unitholders who do not wish to participate in the planned merger and
become unitholders of ACTIVEnergy will have the opportunity to redeem their
units before the merger occurs. In order to provide unitholders with this
option, the annual redemption date for Alberta Focused will be moved up from
October 31, 2007 to September 30, 2007, which also is the annual redemption
date for ACTIVEnergy. Additionally, to provide the unitholders of Alberta
Focused with sufficient time to participate in the annual redemption, the
manager intends to shorten the required notice period prior to which Alberta
Focused unitholders must surrender their units to ten business days prior to
September 30, 2007, being September 14, 2007. 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.
    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.

    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 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.

    The planned merger is subject to TSX approval.





For further information:

For further information: Nancy Tham, Senior Vice President, at (416)
847-5349

Organization Profile

ALBERTA FOCUSED INCOME & GROWTH FUND

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890