Blue Ribbon Fund Management Ltd.

Blue Ribbon Fund Management Ltd.
Series S-1 Income Fund
TSX : SRC.UN

Series S-1 Income Fund
Citadel Diversified Investment Trust
TSX : CTD.UN

Citadel Diversified Investment Trust

November 23, 2009 17:06 ET

Blue Ribbon Appointed as Administrator of Two Citadel Funds

TORONTO, ONTARIO--(Marketwire - Nov. 23, 2009) - Blue Ribbon Fund Management Ltd. ("Blue Ribbon") is pleased to announce that it has been appointed as Administrator of Citadel Diversified Investment Trust ("CTD")(TSX:CTD.UN)and Series S-1 Income Fund ("SRC")(TSX:SRC.UN) effective November 20, 2009. All of the features of the Blue Ribbon reorganization proposal as approved at the Special Meeting of Unitholders held on November 17, 2009, were enacted, including new investment strategies and investment restrictions for both funds and retaining Bloom Investment Counsel, Inc. as investment manager of the Funds.

In conjunction with the reorganization, Citadel Diversified Investment Trust was renamed Blue Ribbon Income Fund and its ticker symbol will become RBN.UN effective November 24, 2009.

The merger of SRC into the Blue Ribbon Income Fund is expected to occur on or about December 31, 2009, which should provide unitholders of both funds with greater trading liquidity and lower operating costs per unit.

For further information, please contact your financial advisor, call Brompton's investor relations line at 416-642-9051 (toll-free at 1-866-642-6001), or visit our website at www.bromptongroup.com.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this press release and to other matters identified in public filings relating to the Funds, to the future outlook of the Funds and anticipated events or results. Actual results may vary from such forward-looking information.

Forward-looking statements in this press release include among other things, the opinion of the administrator and investment manager, and may include statements concerning the timing of and the ability to carry out the reorganization and Fund mergers. While we consider these assumptions to be reasonable based on information currently available to the administrator and investment manager, they may prove to be incorrect. There are no assurances that the actual outcomes will match the forward-looking statements as a result of a number of risks and uncertainties that could cause actual results to differ materially from what we currently expect. Other than as required under securities laws, we do not undertake to update this information at any particular time.

Contact Information

  • Brompton Funds Management Limited
    David E. Roode
    Senior Vice President
    (416) 642-6008