Avenir Diversified Income Trust
TSX : AVF.UN

Avenir Diversified Income Trust

December 15, 2009 17:07 ET

Avenir Diversified Income Trust Provides Update on EnerVest Note Repayment

CALGARY, ALBERTA--(Marketwire - Dec. 15, 2009) - Avenir Diversified Income Trust (the "Trust" or "Avenir Trust") (TSX:AVF.UN) is pleased to advise that the $25 million note that the Trust received as part of the $185 million sale of the EnerVest Management Assets ("EnerVest") in May of 2008, has been repaid.

Avenir Trust has received $5 million in cash and 1.6 million in units of a large, diversified publicly-traded "fund of funds" closed end fund (currently providing about a 10% yield) for total receipts of approximately $24.2 million. The difference between the repayment proceeds and the face value of the note represents negotiated adjustments to the original purchase price.

Initially the $5 million in cash will pay down current debt in the Trust's Oil and Gas Division while the units will be retained for investment purposes until additional opportunities are identified.

Forward-Looking Statements: Certain information set forth in this press release, including a discussion of future plans and operations and the estimated amount of the charge to its financial statements, contains forward looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. Actual results, performance or achievement could differ materially from those expressed in or implied by these forward-looking statements. The estimated charge assumes that management's unaudited (preliminary) estimate of the amounts owing to it by the joint venture are accurate and that the Trust is unsuccessful in recovering such amounts from the joint venture party.

The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Avenir Diversified Income Trust
    William Gallacher
    Chief Executive Officer
    (403) 237-9949
    (403) 237-0903 (FAX)
    or
    Avenir Diversified Income Trust
    Gary Dundas
    Chief Financial Officer
    (403) 237-9949
    (403) 237-0903 (FAX)
    or
    Avenir Diversified Income Trust
    Suite 300, 808 - 1st Street S.W.
    Calgary, Alberta T2P 1M9
    www.avenirtrust.com