Mullen provides 2006 Canadian income tax information

    CALGARY, March 13 /CNW/ - (TSX - MTL.UN) The Mullen Group Income Fund
("Mullen" and/or the "Fund") is pleased to provide the following information
which is intended to assist Canadian resident Unitholders in the preparation
of a 2006 T1 Income Tax Return. The Fund has determined that for Canadian
resident Unitholders, distributions declared and paid in respect of 2006 are
comprised of 88.9 percent taxable income and 11.1 percent return of capital.
    The information contained herein is based on the Fund's understanding of
the Income Tax Act (Canada) ("Act") and the regulations there under, and is
provided for general information only. Unitholders are advised to consult
their personal tax advisors with respect to their particular circumstances.
    Mullen qualifies as a mutual fund trust under the Act and as such, the
Mullen Trust Units ("Units") are qualified investments for registered
retirement savings plans ("RRSPs"), registered retirement income funds
("RRIFs"), registered education savings plans ("RESPs"), and deferred profit
sharing plans ("DPSPs"), all as defined in the Act. Unitholders who hold their
Units in a RRSP, RRIF, RESP, or DPSP need not report any income related to
Unit distributions on their 2006 Income Tax Return.
    A Unitholder that does not hold his or her Units in an RRSP, RRIF, RESP
or DPSP, must report the taxable portion of the 2006 income allocated by the
Trust to the Unitholder, on the Unitholder's 2006 Income Tax Return. This
taxable amount will be reported on a "T3 - Statement of Trust Income and
Allocations and Designations" ("T3 Slip") that will be issued (i.e., "Other
income" - Box 26 on the T3 Slip) and mailed to all Unitholders before
March 31, 2007.
    Mullen's distributions totaled $1.80 per Unit for 2006. The following
table summarizes the taxable income and return of capital components of each
monthly distribution declared and paid in respect of 2006, including the
distribution paid on January 15, 2007 to Unitholders of record on December 31,

                                                  bution   Taxable  Return of
    Record   Payment        Total        Number    per     Portion  Capital
     Date     Date      Distribution   of Units    Unit   per Unit  per Unit
    January  February
     31,      15,
     2006     2006     $7,598,363.40  50,655,756   $0.15  $0.13330  $0.01670
    February March
     28,      15,
     2006     2006     $7,598,363.40  50,655,756   $0.15  $0.13330  $0.01670
    March    April
     31,      17,
     2006     2006     $7,598,363.40  50,655,756   $0.15  $0.13330  $0.01670
    April    May
     30,      15,
     2006     2006     $7,598,363.40  50,655,756   $0.15  $0.13330  $0.01670
    May      June
     31,      15,
     2006     2006     $7,621,594.65  50,810,631   $0.15  $0.13330  $0.01670
    June     July
     30,      17,
     2006     2006    $12,282,915.45  81,886,103   $0.15  $0.13330  $0.01670
    July     August
     31,      15,
     2006     2006    $12,285,225.90  81,901,506   $0.15  $0.13330  $0.01670
    August   Septem-
     31,      ber 15,
     2006     2006    $12,287,358.90  81,915,726   $0.15  $0.13330  $0.01670
    Septem-  Octo-
     ber 30,  ber 16,
     2006     2006    $12,288,508.95  81,923,393   $0.15  $0.13330  $0.01670
    Octo-    Novem-
     ber 31,  ber 15,
     2006     2006    $12,290,803.50  81,938,690   $0.15  $0.13330  $0.01670
    Novem-   Decem-
     ber 30,  ber 15,
     2006     2006    $12,290,936.85  81,939,579   $0.15  $0.13330  $0.01670
    Decem-   Janu-
     ber 31,  ary 15,
     2006     2007    $12,290,936.85  81,939,579   $0.15  $0.13330  $0.01670

    The return of capital portion of distributions reduces the Unitholder's
adjusted cost base ("ACB") of Units. The ACB of a Unit generally equals the
purchase price of the Unit, including commissions, less any return of capital
distributions received or receivable after the date of acquisition.
Unitholders should consult their own legal or tax advisors as to their
particular tax consequences of holding Units.

                        OTHER RELATED TAX INFORMATION

    Exchange of Producer Oilfield Services Inc. Shares for Units on
    June 1, 2006

    Mullen believes the fair market value of the Units at the time of the
exchange was $32.1766 based on the weighted average trading price for the five
days preceding June 1, 2006 for Units. Each share of Producers Oilfield
Services Inc. was exchanged for 0.4444 of a Unit implying a value of $14.2993
at the time of the exchange.

    Distribution of Horizon North Logistics Inc. Shares on June 1, 2006

    Pursuant to a Plan of Arrangement, each Unit received 0.2878 of a Horizon
North Logistics Inc. ("HNL") share which Mullen believes had a fair market
value of $2.40 per HNL share and a 0.2025 of a warrant (with a nominal value)
to purchase a HNL share for $2.40. The value of the HNL shares and warrants
should be considered to be a return of capital which would have the same
effect as the return of capital portion of the distribution.

    This press release may contain forward-looking statements that are
subject to risk factors associated with the oil and gas business and the
overall economy. The Fund believes that the expectations reflected in this
press release are reasonable, but results may be affected by a variety of
variables. The Fund relies on litigation protection for "forward-looking"

    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

    %SEDAR: 00022408E

For further information:

For further information: 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

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Mullen Group Ltd.

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