Citadel Premium Income Fund

Citadel Premium Income Fund

August 11, 2006 16:48 ET

Citadel Premium Owns Units in Richards Packaging Income Fund

CALGARY, ALBERTA--(CCNMatthews - Aug. 11, 2006) - Citadel Premium Income Fund ("Citadel") (TSX:CPF.UN) announces that, as a result of the merger, effective on July 20, 2006, of MYDAS Fund, Citadel Multi-Sector Income Fund and Citadel Income & Growth Fund (the "Pre-Merger Funds") into Citadel, Citadel became the owner of 1,137,900 units of Richards Packaging Income Fund ("Richards") (the "Units"), representing approximately 11.09% of the outstanding units of Richards. Fiera Capital Management Inc. ("Fiera"), together with its wholly-owned subsidiary, YMG Capital Management Inc. ("YMG"), acts as Citadel's investment manager, and may therefore be considered to control the Units.

The Units were initially acquired by the Pre-Merger Funds through the facilities of the Toronto Stock Exchange. The Units have been acquired for investment purposes only and not with the purpose of influencing the control or direction of Richards. Citadel may, from time to time, acquire additional Units of Richards, may continue to hold their present position or may dispose of their Units. However, following the expiry of a transition period following the merger, Citadel is restricted from owning more than 10% of the securities of any one issuer. As a result, Citadel will initially dispose of sufficient Units of Richards from time to time as determined appropriate by Fiera to comply with this ownership restriction.

Citadel is a closed-end investment trust administered by CGF Funds Management Ltd., a subsidiary of Canadian Income Fund Group Inc., and a member of the Citadel Group of Funds™.

This press release is being issued in order to comply with the disclosure requirements under applicable securities legislation.

For further information or to obtain a copy the Early Warning Report, please contact Joe MacDonald, Executive Vice President, Sales and Marketing at 1-877-261-9674 or visit our website at

Contact Information

  • Citadel Premium Income Fund
    Joe MacDonald
    Executive Vice President, Sales and Marketing