First Asset Energy & Resource Fund and First Asset Energy & Resource Income & Growth Fund Announce September Distributions and Provide Guidance on Combination of Partnerships
TORONTO, ONTARIO (Marketwire - Sept. 19, 2007) - First Asset Energy & Resource Fund (TSX:TRF.UN) ("Fund I") announces a distribution of $0.1040 per unit and First Asset Energy & Resource Income & Growth Fund (TSX:TXL.UN) ("Fund II") announces a distribution of $0.2166 per unit for the month ending September 30, 2007. The distributions will be paid on or before October 2, 2007 to limited partners of record on September 28, 2007.
The General Partners also wish to announce the following timetable has been established for combining the Partnerships, as approved by the limited partners on July 30, 2007. This timetable is contingent on receiving certain outstanding regulatory approvals which are expected to be granted shortly. If those approvals are delayed or not granted, the General Partners will issue a follow-up press release with further guidance.
- October 3, 2007 - Valuation Date, i.e., the net asset values of each Partnership as at the close of business on October 3, 2007 will be used in order to determine how many units of Fund I will be issued to Fund II in exchange for Fund II transferring its assets and liabilities to Fund I. The Partnerships will issue a press release confirming the exchange ratio after the close of business on October 3, 2007.
- October 4, 2007 - Fund II's units will be delisted from the TSX.
- October 4, 2007 - Fund II will transfer its assets to Fund I on October 4, 2007 in exchange for units of Fund I. Immediately following the exchange, Fund II will be dissolved and former limited partners of Fund II will receive units of Fund I. A press release will be issued upon completion of the transaction.
The former Limited Partners of Fund II will not be required to take any action in order to be recognized as limited partners of Fund I or to be in a position to trade units of Fund I following the transaction.
For further information, please contact Paul Dinelle, Executive Vice-President, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289, or visit www.firstasset.com.