EnerVest Announces Mailing of Information Circular for March 26 Special Meeting of Unitholders
CALGARY, ALBERTA--(Marketwire - March 2, 2009) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
EnerVest Diversified Income Trust ("EnerVest" or "the Fund") (TSX:EIT.UN), today announced that it has mailed to all unitholders and filed a Notice of Meeting and Information Circular describing the resolutions to be considered and voted on at a special meeting of unitholders to be held March 26, 2009.
The special meeting has been called to allow EnerVest unitholders to approve several integrated amendments to the Fund's Declaration of Trust and Management Agreement. These amendments will allow the Manager to continue to implement the EnerVest Value Enhancement Plan, a series of strategic and operating initiatives designed to increase long-term, sustainable value for EnerVest unitholders. The Plan, announced February 9th, 2009, preserves the Fund's fundamental strengths and features while providing attractive features suitable for significantly changed market conditions. It includes strategic actions to:
- enhance EnerVest's investment portfolio and its management
- improve service and communication to Unitholders and their advisors, and
- maintain the financial strength, flexibility and sustainability of the Fund
"We have already begun to implement key elements of the Plan. For others, we need your help" said Jacob Roorda, President & CEO of EnerVest. "The main changes we are asking you to support are:
- adding a voluntary annual cash redemption to provide additional investment flexibility
- allowing the Fund to split or consolidate units to be optimally priced in the market
- amending the Investment Restrictions to allow our Investment Manager to choose from a broader spectrum of investments to optimize income, capital preservation and growth
- amending certain administrative matters to update the Declaration of Trust
We encourage you to read the information circular where you will find clear explanations of the proposed amendments we are asking you to approve. The amendments are in the best, long-term interests of all our Unitholders and will enhance the Fund for the future to continue to deliver sustainable income" concluded Mr. Roorda. The circular and all related Special Meeting information is available on SEDAR or at www.enervest.com.
Unitholders of record at the close of business, Thursday, February 19, 2009 are entitled to vote in person or by proxy at the special meeting to be held on Thursday, March 26, 2009 at 3:00 p.m. (local time) at the Metropolitan Centre, 333 - 4th Avenue SW, Calgary, Alberta.
The information circular, as well as details of the EnerVest Value Enhancement Plan are available at www.enervest.com.
If you have any questions about the Enervest Value Enhancement Plan, please contact:
EnerVest Investor and Client Relations: 1-877-434-2796
If you have any questions about how to vote your proxy, please contact:
Kingsdale Shareholders Services Inc.: 1-866-581-1487
EnerVest Diversified Income Trust is Canada's largest and most liquid closed-end investment fund. Listed on the Toronto Stock Exchange under the symbol EIT.UN, the Fund is an actively managed diversified portfolio of income securities.
Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect EnerVest Management Ltd.'s and its affiliates (the "Administrator") current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Administrator believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Administrator undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.