CALGARY, June 24, 2013 /CNW/ -
Dear Unitholder:
Middlefield is pleased to announce that, in light of the approaching
termination of Uranium Focused Energy Fund ("Uranium") which is
scheduled to occur at the end of this year, the annual redemption right
of Uranium unitholders has been accelerated to July 31, 2013. Given
the relative illiquidity of the fund's units on the Toronto Stock
Exchange ("TSX"), the advancement of Uranium's 2013 redemption date is
intended to accommodate those unitholders seeking to divest of their
investment in the fund. In order to provide unitholders with sufficient
time to participate in the July 31st redemption, the required notice period in respect of this year's
redemption has been shortened. Accordingly, Uranium unitholders who choose to participate in the July
31, 2013 redemption must provide notice and surrender their units of
Uranium by 5:00 pm (Toronto time) on July 24, 2013. Surrendered units
will be redeemed in accordance with Uranium's declaration of trust and
redemption proceeds will be paid by the fund on or about August 22,
2013.
Uranium unitholders who wish to maintain exposure to the uranium sector
have the option of redeeming their units of Uranium and acquiring
shares of Uranium Focused Metals Class, an open-end mutual fund managed
by Middlefield which has a similar investment portfolio to Uranium.
Unitholders interested in investing in Uranium Focused Metals Class
should contact their investment advisor.
Alternatively, for those unitholders that choose not to redeem their
units and wish to maintain an investment in an actively managed,
TSX-listed investment company with similar investment objectives, it is
Middlefield's intention to merge Uranium into MBN Corporation ("MBN")
effective on or about August 28, 2013, with MBN being the continuing
entity. The merger is expected to provide investors with the
opportunity to hold shares of an investment company that offers a
larger market capitalization, increased trading liquidity and lower
operating costs on a per share basis. All costs and expenses associated with the merger will be borne by the
manager and not the funds.
Completion of the merger is expected to take place on or about August
28, 2013 (the date of completion being the "Effective Date") and is
subject to satisfying all regulatory requirements and customary closing
conditions. The merger will be effected at an exchange ratio calculated
as the net asset value per unit of Uranium divided by the net asset
value per share of MBN, determined as at the close of trading on the
TSX on the business day immediately prior to the Effective Date.
Uranium units and MBN shares trade under the symbols UF.UN and MBN,
respectively, 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 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.
SOURCE: Uranium Focused Energy Fund
