CALGARY, March 22, 2017 /CNW/ - Middlefield Group is
pleased to announce the successful completion, effective today, of
the previously announced mergers of COMPASS Income Fund
("COMPASS") and YIELDPLUS Income Fund ("YIELDPLUS") into
MINT Income Fund ("MINT") (collectively, the "Funds") with
MINT being the continuing fund in each case.
The mergers were effected on a tax-deferred "rollover"
basis with the Funds not being responsible for any of the costs
and expenses associated with the mergers, as they were borne by
Middlefield Limited, manager of the Funds.
Pursuant to the mergers, units of COMPASS and YIELDPLUS, as
applicable, were exchanged for units of MINT in accordance with an
exchange ratio based on the relative net asset value per unit (the
"NAV") of the applicable non-continuing Fund and MINT, as at the
close of trading on the Toronto Stock Exchange (the "TSX") on
March 21, 2017. The table below
provides the respective exchange ratios and NAVs for each of the
Funds.
Fund
|
Exchange
Ratio
|
NAV
|
MINT
|
1.00000000
|
$7.07
|
COMPASS
|
1.69281793
|
$11.97
|
YIELDPLUS
|
0.89235573
|
$6.31
|
Based upon the exchange ratios, former unitholders of COMPASS
and YIELDPLUS will receive an increase in their monthly
distributions of approximately 35% and 19%, respectively.
Former unitholders of COMPASS or YIELDPLUS are not required to
take any action in order to be recognized as a unitholder of MINT
and to be in a position to trade their MINT units on the TSX.
Former unitholders of COMPASS and YIELDPLUS who wish to participate
in the distribution reinvestment plan (the "DRIP") of MINT will
need to enroll in the MINT DRIP.
Unitholders of MINT are not required to take any action as they
will continue as unitholders of MINT.
The units of MINT trade on the Toronto Stock Exchange under
the symbol MID.UN.
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. 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, many of which are beyond the control of the funds.
SOURCE COMPASS Income Fund