EnerVest Unitholders Overwhelmingly Approve All Resolutions Supporting the Value Enhancement Plan
CALGARY, ALBERTA--(Marketwire - March 27, 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), is pleased to announce that Unitholders, at a Special Meeting held yesterday, voted more than 92% in favour of each of the four resolutions supporting the EnerVest Value Enhancement Plan.
The Plan, first announced on February 9th, 2009, includes a series of integrated strategic and operating initiatives designed to increase long-term, sustainable value for EnerVest Unitholders. The Fund will maintain its core strengths and features while evolving to meet changing market conditions.
"We appreciate the strong support received from our Unitholders today," said Jake Roorda, President and CEO of EnerVest. "The Fund's new management team has moved quickly and prudently over the past few months to address the changing marketplace and the needs of our investors. We view the Unitholder approval of these amendments as a clear mandate to continue the evolution of the Fund and make it an even more attractive investment choice for Unitholders."
The resolutions amending the Fund's Declaration of Trust and Management Agreement that were approved are:
- Addition of a voluntary annual cash redemption to provide additional investment flexibility;
- Allowance of a split or consolidation of Units so that they may be optimally priced in the market;
- Amendment of the Fund's Investment Restrictions optimizing income and return-generating opportunities; and
- Certain administrative matters.
About the Fund
EnerVest Diversified Income Trust (the ''Fund'') is Canada's largest, most liquid, diversified, closed-end investment fund. The Fund is listed on the Toronto Stock Exchange under the symbol EIT.UN and is an actively managed, diversified portfolio of income-generating and capital growth oriented securities, listed primarily on the Toronto Stock Exchange, designed to maximize distributions and Net Asset Value for the benefit of its Unitholders.
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 (the "Administrator") and its affiliates 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.