Value Fund Advisors, LLC

October 10, 2008 18:44 ET

Boston Avenue Capital, LLC, Yorktown Avenue Capital, LLC and Value Fund Advisors LLC Announce Filing of Early Warning Report in Respect of Hartco Income Fund

TULSA, OKLAHOMA--(Marketwire - Oct. 10, 2008) - Boston Avenue Capital, LLC ("Boston Avenue"), Yorktown Avenue Capital, LLC ("Yorktown Avenue") and Value Fund Advisors LLC ("VFA"), all of Tulsa, Oklahoma, announced today that they have filed a joint early warning report, outside the statutory delays, with the Canadian securities regulatory authorities in respect of the acquisition of trust units of Hartco Income Fund ("Hartco"), which trade on the Toronto Stock Exchange (the "TSX"). VFA serves as investment advisor to Boston Avenue and Yorktown Avenue and exercises control and direction over the trust units owned by them.

On October 23, 2007, Boston Avenue acquired 147,000 trust units of Hartco through market purchases on the TSX, thereby increasing the security holding percentage of Hartco trust units controlled by VFA, and owned by Boston Avenue or Yorktown Avenue, from approximately 8.9% to approximately 10.4%, based on a total of 9,978,017 issued and outstanding trust units, as disclosed in Hartco's Management's Discussion and Analysis for the period ended June 30, 2007.

Subsequent to October 23, 2007, VFA acquired control over, and Boston Avenue acquired ownership of, a further 1,385,800 trust units of Hartco, thereby increasing to 2,422,000 the total number of trust units controlled by VFA and owned by Boston Avenue or Yorktown Avenue. The most recent acquisition of 486,400 trust units of Hartco by Boston Avenue on September 5, 2008 increased the security holding percentage of Hartco trust units controlled by VFA and owned by Boston Avenue or Yorktown Avenue from approximately 19.4% to approximately 24.2%.

Boston Avenue, Yorktown Avenue and VFA acknowledge that the purchase of 486,400 trust units of Hartco by Boston Avenue on September 5, 2008 was made inadvertently without the benefit of a statutory exemption under applicable take-over bid rules and, as such, contravened take-over bid rules.

All acquisitions of Hartco trust units described above were made through market purchases on the TSX and were made in the ordinary course of business for investment purposes only.

Boston Avenue, Yorktown Avenue and VFA have self reported this late filing and inadvertent purchase to the Autorite des marches financiers (the "Autorite") and are working with the Autorite to remedy the situation.

Contact Information

  • FREDERIC DORWART, LAWYERS
    Tamara R. Wagman, Esq.
    (918) 583-9958