Amalgamated Income Limited Partnership
TSX : AI.UN

Amalgamated Income Limited Partnership

March 20, 2006 19:41 ET

Amalgamated Income Limited Partnership Provides Update on Multi-Fund Offer

CALGARY, ALBERTA--(CCNMatthews - March 20, 2006) - Amalgamated Income Limited Partnership (TSX:AI.UN) ("Amalgamated LP") announces that in connection with its offer to acquire all the issued and outstanding units ("Units") of Multi-Fund Income Trust ("Multi-Fund"), dated February 13, 2006, and amended on February 23, 2006 (the "Amalgamated LP Offer"), Amalgamated LP, or persons acting jointly or in concert with Amalgamated LP, have purchased a further 28,800 Units in Multi-Fund, in addition to those previously purchased as disclosed in a press release dated March 13, 2006. The purchase was conducted through the facilities of the Toronto Stock Exchange at a price of $1.24 per unit. This purchase increases the total number of Units of Multi-Fund held by Amalgamated LP, or persons acting joint or in concert with Amalgamated LP, to 1,150,325 or 17.9% of the issued and outstanding Units of Multi-Fund.

Amalgamated LP would like to inform all holders of Multi-Fund that it believes the announcement made by Multi-Fund today to substantially dispose of all its assets will require a special resolution to be passed by unitholders of Multi-Fund (66 2/3 %) present at the meeting of unitholders. At the last meeting held on December 22, 2005 only 24.8% of the outstanding Units were voted.

At this time, Amalgamated LP has no intention in supporting the proposed transaction. Without Amalgamated LP's support there is a risk that the proposed transaction announced by Multi-Fund will not be approved. Multi-Fund unitholders should be aware of this fact in deciding whether or not they wish to tender their Units to the Amalgamated LP Offer.

The Amalgamated LP Offer for Units of Multi-Fund expires at 4:00 p.m. (local time at the place of deposit) on March 21, 2006, unless extended or withdrawn.

Amalgamated LP specializes in buying, holding and where appropriate selling securities with a view to profit. Amalgamated LP's main focus remains on buying mutual fund limited partnerships. Amalgamated LP units are listed on the Toronto Stock Exchange (AI.UN) and are RRSP eligible.


Contact Information

  • Amalgamated General Partner Ltd.
    The General Partner of Amalgamated
    Elias Foscolos, Chief Operating Officer
    (403) 265-6540 or Toll free in Canada 1-877-202-4717
    or
    Amalgamated General Partner Ltd.
    The General Partner of Amalgamated
    Bruce Warkentin, Chief Financial Officer
    (403) 265-6540 or Toll free in Canada 1-877-202-4717
    (403) 206-7185 (FAX)
    Email: info@aiun.ca
    Website: www.aiun.ca