Independent Proxy Advisory Firms Recommend Unitholders Support Amendments to Declaration of Trust
CALGARY, ALBERTA--(Marketwire - March 10, 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 RiskMetrics Group and Glass Lewis & Co., have formally recommended that EverVest Unitholders vote in favour of amendments to the Fund's Declaration of Trust and the Management Agreement at the Special Meeting of Unitholders to be held on March 26, 2009. The amendments are part of the EnerVest Value Enhancement Plan announced on February 9th, an integrated series of strategic and operating initiatives designed to increase long-term, sustainable value for the benefit of all EnerVest unitholders.
The analysis and recommendations of RiskMetrics Group and Glass Lewis & Co., two leading independent proxy advisory firms, are relied upon by many of the world's leading institutional investors.
These positive recommendations are consistent with an independent Fairness Opinion previously provided by Raymond James Ltd. The report, dated February 20, 2009, stated that the proposed Amendments are fair, from a financial point of view, to EnerVest Unitholders. The Fund's Independent Review Committee has also advised that the matters to be considered at the Special Meeting, if approved, would achieve a fair and reasonable result for the Fund.
"Four independent reviews have concluded that the initiatives we are proposing are in the best long-term interests of all Unitholders" said Jacob Roorda, President and CEO of EnerVest. "We encourage Unitholders to review the February 20th Information Circular, consider the benefits of the changes we are proposing, and submit their proxies as soon as possible."
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 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
Permission to refer to the reports from RiskMetrics Group or Glass Lewis & Co. was neither sought nor obtained.
EnerVest Diversified Income Trust is Canada's Largest and most liquid diversified closed-end investment trust listed on the Toronto Stock Exchange (EIT.UN) providing a monthly tax effective distribution to its unitholders. EnerVest is an actively managed fund that invests in a diversified portfolio of income, royalty and real estate investment trusts, limited partnerships, and corporations or other securities primarily listed on the Toronto Stock Exchange.
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.