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
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 rfaiella@middlefield.com.
Copyright CNW Group 2013