Blue Ribbon Fund Management Ltd.

Blue Ribbon Fund Management Ltd.
Citadel Diversified Investment Trust
TSX : CTD.UN

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

Series S-1 Income Fund

October 29, 2009 17:44 ET

Blue Ribbon Reminds Unitholders of Voting Deadline for Special Unitholder Meetings

TORONTO, ONTARIO--(Marketwire - Oct. 29, 2009) - Blue Ribbon Fund Management ("Blue Ribbon") reminds unitholders of Citadel Diversified Investment Trust ("CTD") (TSX:CTD.UN) and Series S-1 Income Fund ("SRC") (TSX:SRC.UN) that all votes for the November 17th Special Unitholder meeting must be received by Thursday, November 12, 2009, only two weeks from today. Unitholders should have received the Citadel Joint Information Circular and Voting Instruction Form in the mail. If you have not received your Voting Instruction Form, please contact your investment advisor or the Re-organization department at your investment dealer.

The unitholder meeting is intended to provide unitholders with greater certainty regarding the future of their funds. Blue Ribbon is paying all of the costs associated with the unitholder meetings. The proposal to be voted on is the same as that offered in September 2009, with the additional benefit of an earlier payout for the 2009 annual redemption. The September 2009 proposal received support from over 2/3 of investors as well as investment advisors, analysts of six of the major investment dealers, RiskMetrics, Canada's leading proxy advisor firm and Gordon Pape, noted financial author and newsletter editor. The key benefits of the proposal for unitholders of Citadel Diversified Investment Trust ("CTD") and Series S-1 Income Fund ("SRC") are:

  1. Maintaining Bloom Investment Counsel as investment manager. Bloom is an experienced and respected portfolio manager, specializing in income oriented investments. His oldest fund, CTD has delivered a compound total return based on NAV of 11.3% per annum over the past 12 years to July 31, 2009 (13.2% per annum gross of Management Expense Ratio), while the S&P Composite Index only provided a return of 6% during the same period.
  2. Lower combined administration and investment management fees of 1.0% of NAV vs. 1.1% to 1.5% currently paid by the Funds.
  3. Annual redemptions at 100% of net asset value less direct costs. If the reorganization is approved, the first such redemption will be on November 20th and unitholders will receive their redemption proceeds on or about November 27th, 2009 – only 10 days after the meeting.
  4. High distribution rate
  5. Enhanced unitholder protection and governance features
  6. Broader investment mandate
  7. Improved liquidity and lower costs per unit

Blue Ribbon recommends that unitholders vote FOR Resolutions 1 and 2.

For more information, investors are urged to contact their investment advisors, visit our websites at www.bromptongroup.com and www.therightwayforward.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 Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information.

Forward-looking statements in this press release include among other things, the opinion of the portfolio manager. While we consider these assumptions to be reasonable based on information currently available to the portfolio 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

  • For more information, investors are urged to contact their
    investment advisors or the individuals named below:
    or
    Mark Caranci
    416-642-6004
    or
    David Roode
    416-642-6008
    or
    Lorne Zeiler
    416-642-9058
    or
    Chris Cullen
    416-642-9064
    or
    Toll-free: 1-866-642-6001
    info@bromptongroup.com