Press release from Marketwire
Results of Shareholder Meetings
Friday, April 19, 2013
Results of Shareholder Meetings16:05 EDT Friday, April 19, 2013
TORONTO, ONTARIO--(Marketwired - April 19, 2013) -
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. WIRE SERVICES
Front Street U.S. MLP Income Fund Ltd. ("FS U.S. MLP") (TSX:MLP) and Front Street Strategic Yield Fund Ltd. ("FSS") (TSX:FSS) held their adjourned special meetings of shareholders on April 19, 2013, to consider the proposed merger of FS U.S. MLP and FSS (together, the "Funds"). Shareholders of each of the Funds approved the special resolution at the special meeting to authorize the merger of the Funds.
Notwithstanding the approval of the merger by shareholders of each of the Funds, the merger will not be implemented until the manager of the Funds, Front Street Capital 2004, obtains satisfactory assurances from the Department of Finance that the merger, and the resultant increase in the size of the forward agreements previously entered into by FS U.S. MLP, will not have adverse tax consequences for the shareholders of FS U.S. MLP in light of the proposed changes in tax law announced in the recent Federal budget. It is not certain if these assurances will be received prior to the initial anticipated effective date of the merger of May 10, 2013, or at all. Additional information regarding the anticipated effective date of the merger will be disclosed as soon as it is available.
Complete details regarding the proposed merger were outlined in the joint management proxy circular dated March 8, 2013 and sent to shareholders of record on March 8, 2013. The joint management proxy circular is also available at www.sedar.com.
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 and expected completion thereof; and the Funds that are proposed to be merged. 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. 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, some of which are beyond the control of the Funds.
FOR FURTHER INFORMATION PLEASE CONTACT:
Front Street Capital