CALGARY,
Aug. 21, 2013 /CNW/ - Further to the
press releases dated June 24, 2013
and August 1, 2013, Middlefield Group
is pleased to announce that all necessary approvals have been
obtained to complete the merger of Uranium Focused Energy Fund
("Uranium") and MBN Corporation ("MBN"), with MBN being the
continuing fund. Pursuant to the merger, MBN will acquire the
assets and assume the liabilities of Uranium and will issue Equity
Shares of MBN, a non-redeemable investment fund, to Uranium
unitholders in satisfaction of the purchase price for all of the
property of Uranium. The merger will proceed on August 28, 2013, as scheduled, following which,
Uranium units will be delisted from the TSX. Payment
in respect of the final redemption offered to Uranium
unitholders will be made on August 22,
2013 at a price of $2.07 per
unit.
MBN's principal objective is 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 proposed
timing of the merger between Uranium and MBN and expected
completion thereof; the funds that are proposed to be merged; 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