AGF Master Limited Partnership - Recommendation for Dissolution and Release of Semi-Annual Financial Statements

TORONTO, Aug. 14, 2012 /CNW/ - The board of directors of AGF Partners No. Five Limited, the general partner of AGF Master Limited Partnership ("AGF Master LP"), today announced its intention to recommend the dissolution of AGF Master LP at a special meeting of limited partners currently scheduled to be held on October 3, 2012 (the "Meeting"). The board has determined this will be in the best interests of limited partners, by maximizing the amounts limited partners will receive from AGF Master LP as a final distribution.

Details of the date, location and record date of the Meeting are as disclosed in the Notice of Meeting and Record Date dated July 18, 2012.

Details regarding the recommendation of the general partner and the proposed dissolution of AGF Master LP will be available in an Information Circular to be mailed to limited partners the week of September 5, 2012.

The dissolution of AGF Master LP is subject to the approval of the limited partners by way of an affirmative vote of not less than 66 2/3% of the votes cast by the limited partners at the Meeting. If approved by the limited partners, the dissolution of AGF Master LP is proposed to be effective on or about November 5, 2012.

Also announced today, AGF Master LP has released semi-annual financial statements for the period ending June 30, 2012.

AGF Master LP was formed in 1998. Its original structure entitled limited partners to deferred sales charges when underlying mutual fund securities were redeemed, as well as distribution fees for those underlying securities. The time period for deferred sales charges has expired. Additionally, as previously disclosed in AGF Master LP's management discussion and analysis, the distribution rights attached to the distributed securities have fixed expiry dates. On December 31, 2012, the distribution rights related to the securities of AGF LP 1997 will expire. These securities represented approximately 88.0% of the total distributed securities for which AGF Master LP was entitled to distribution fees as at June 30, 2012.

As a result of these expiring distribution rights, contemplated in AGF Master LP's original structure, it is expected that income and cash flows will not be sufficient to meet AGF Master LP's ongoing expenses and liabilities. Accordingly, it is expected that AGF Master LP will not be able to continue as a going concern after December 31, 2012. Complete copies of the semi-annual financial statements are available at www.agf.com or www.sedar.com.

SOURCE: AGF Master Limited Partnership

Michael Clabby
416-815-6275
[email protected]