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