Folio Asset Management Limited

Folio Asset Management Limited

December 17, 2008 17:18 ET

Canadian Diversified Resources Investment Listed Liquidity Fund Announces Amendments to the Terms of IPO

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2008) - Folio Asset Management Limited announced today that Canadian Diversified Resources Investment Listed Liquidity Fund (the "Fund") intends to file an Amended and Restated Prospectus to amend the terms of its initial public offering, including an extension of the closing date from December 31, 2008 to February 26, 2009.

In addition, pursuant to the amendments, the Fund, which has been created to provide investors with exposure to an actively managed portfolio of securities of Oil & Gas Issuers will be permitted to invest up to 10% of the Portfolio in publicly-traded equity and debt securities of Canadian mining issuers.

Prospective purchasers may purchase units either by: (a) cash payment, or (b) an exchange of freely tradable securities of those oil and gas and mining issuers (the "Exchange Eligible Issuers") to be set forth in the Amended and Restated Prospectus. The number of Units issuable in exchange for the securities of these issuers will be determined by dividing: (i) the volume weighted average trading price of such securities on the Toronto Stock Exchange or the TSX Venture Exchange, or, if there are no trades, the average of the closing bid prices, in each case during the ten consecutive trading days ending on February 12, 2009 (the "Pricing Period"), as adjusted to reflect distributions declared by such issuer that will not be received by the Fund, by (ii) $10.00. Prospective purchasers under the Exchange Option will be required to deposit securities of Exchange Eligible Issuers with Computershare Investor Services Inc. through CDS Clearing and Depository Services Inc. prior to 5:00 p.m. (Toronto time) on February 12. 2009. The Fund will issue a press release as soon as practicable after the close of business on February 12, 2009 announcing the name of the Exchange Eligible Issuers, the weighted average trading price of the Exchange Eligible Issuers during the Pricing Period and the exchange ratios for each of the Exchange Eligible Issuers. The list of the Exchange Eligible Issuers will also be available at www.folioasset.com.

Prospective purchasers that deposited securities of Exchange Eligible Issuers on or before December 15, 2008 will have the right to rescind deposits until the later of (i) midnight on the second business day after receipt or deemed receipt of the Amended and Restated Prospectus, and (ii) the close of business on the second business day after the date on which the press release announcing the exchange ratios is issued.

Contact Information

  • Folio Asset Management Limited
    Geoff Sinclair
    President and CEO
    (416) 860-7620
    Website: www.folioasset.com