CALGARY, March 18 /CNW/ - Mullen Group Income Fund ("Mullen") announced
today that the Toronto Stock Exchange ("TSX") has accepted Mullen's Notice of
Intention to make a Normal Course Issuer Bid (the "Bid") to purchase for
cancellation, from time to time, as Mullen considers advisable, its issued and
outstanding trust units ("Trust Units") (Trading Symbol: MTL.UN). There are
60,272,349 Trust Units issued and outstanding on the date hereof. Of this
amount, 45,193,794 Trust Units constitute the "public float", calculated in
accordance with the rules of the TSX. Mullen intends to purchase for
cancellation up to a maximum of 4,519,375 Trust Units, being approximately 10%
of Mullen's "public float" outstanding on the date hereof. Purchases will be
made on the open market through the TSX. The price which Mullen will pay for
any Trust Units purchased by it will be the prevailing market price of the
Trust Units on the TSX at the time of such purchase. The actual number of
Trust Units that may be purchased for cancellation and the timing of any such
purchases will be determined by Mullen.
The Bid will commence on March 20, 2008 and will terminate on March 19,
2009 or such earlier time as the Bid is completed or terminated at the option
Management of Mullen believes that, from time to time, the market price
of the Trust Units may not fully reflect the underlying value of the
Trust Units and that at such times the purchase of Trust Units would be in the
best interests of Mullen. Such purchases will increase the proportionate
interest of, and may be advantageous to, all remaining unitholders. In
addition, the purchases by Mullen may increase liquidity to Mullen's
unitholders wishing to sell their Trust Units.
Mullen has made purchases of 1,703,700 Trust Units during the previous
12 months at a weighted average price of $16.82 under a previous normal course
issuer bid which expired March 15, 2008. The average daily trading volume of
the Units for six months prior to the date hereof was 159,179 (25% of the
average daily trading volume of the Units is 39,795, which is Mullen's daily
purchase limit under the Bid).
Mullen is an open-ended income fund that owns a network of independently
operated businesses. Today the Mullen Group is recognized as the largest
provider of specialized transportation and related services to the oil and
natural gas industry in western Canada and as one of the leading suppliers of
trucking and logistics services in Canada - two sectors of the economy in
which the Fund has strong business relationships and industry leadership.
Administration of the Fund is delegated to Mullen Group Inc. which, in
addition to managing the Fund, provides management and financial expertise,
technology and systems support to its independent businesses.
Mullen is a publicly traded income trust listed on the Toronto Stock
Exchange under the symbol "MTL.UN". Additional information is available on our
website at www.mullen-group.com.
For further information:
For further information: Mr. Murray K. Mullen, Chairman and Chief
Executive Officer; Mr. Stephen H. Lockwood, President and Co-Chief Executive
Officer; Mr. David E. Olson, Vice President, Finance and Chief Financial
Officer; P.O. Box 87, 1 Maple Leaf Road, Aldersyde, Alberta, Canada T0L 0A0,
Tel: (403) 652-8888, Fax: (403) 601-8301