Joint Press Release - Uranium Focused Energy Fund Completes Merger into MBN Corporation
CALGARY, Aug. 28, 2013 /CNW/ - Middlefield Group is pleased to announce the successful completion, effective today, of the previously announced merger of Uranium Focused Energy Fund ("Uranium") and MBN Corporation ("MBN"), with MBN being the continuing fund.
Pursuant to the merger each Uranium unit will automatically be exchanged for 0.32712222 Equity Shares of MBN. This exchange ratio was based on the relative net asset values, on an unrounded basis, of Uranium and MBN as at the close of trading on the Toronto Stock Exchange (the "TSX") on August 27, 2013, which were approximately $2.07 per unit and $6.33 per share, respectively. Approximately 2,136,000 new Equity Shares of MBN will be issued in connection with the merger. At the close of business today, the units of Uranium will no longer trade on the TSX.
Unitholders of Uranium are not required to take any action in order to be recognized as shareholders of MBN and to be in a position to trade shares of MBN on the TSX.
MBN is a non-redeemable, TSX-listed investment fund which seeks to create long-term value through the implementation of a dual track strategy. The first track is to grow MBN's assets under management by merging with other investment funds in order to reduce per share administrative expenses and increase shareholder liquidity. The second track is to pursue opportunities within the broader financial services sector to acquire investment management companies and/or establish such companies working with proven investment managers.
Equity Shares of MBN trade under the symbol "MBN" on the TSX.
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 fund assets resulting from the merger and the retraction of Equity Shares by MBN. 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. Actual events or results may differ materially from such forward-looking statements as a result of risks facing one or both of the funds, most of which are beyond the control of the funds. There are no assurances the funds can fulfill such forward-looking statements and the funds do not undertake any obligation to update such statements.
SOURCE: MBN Corporation
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For further information on MBN, including its annual report and annual information form which outline MBN's investment strategy and other features and attributes, please visit our website at www.middlefield.com or contact Richard Faiella, Managing Director 1.888.890.1868 or [email protected].
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