Dissident Unitholders of Energy Income Fund

January 25, 2012 15:51 ET

Dissident Unitholders of Energy Income Fund: News Release

CALGARY, ALBERTA--(Marketwire - Jan. 25, 2012) - Unitholders of Energy Income Fund (the "Fund") holding 1,858,500 units have requisitioned a meeting of the unitholders of the Fund to remove Crown Hill Capital Corporation as trustee and manager of the Fund and to appoint Aston Hill Asset Management Inc., a subsidiary of Aston Hill Financial Inc., as the successor trustee and manager of the Fund. The Fund trades at a significant discount to net asset value relative to its peers. The dissident unitholders believe that this reflects the facts that Crown Hill Capital Corporation issues warrants priced at more than a 25% discount to net asset value causing significant dilution to unitholders that choose not to exercise and does not implement a meaningful annual redemption of units.

Aston Hill Financial Inc. is a publicly traded asset management firm with offices in Calgary and Toronto. Founded in 2001, Aston Hill has over $5 billion in assets under management and manages portfolios for institutional investors, provides portfolio advisory services and offers a suite of mutual funds. With over 75 years of experience among the senior leadership team, Aston Hill has extensive investment knowledge across a number of industries and particular expertise in the energy sector. The dissident unitholders of the Fund have asked that the meeting to consider the removal of Crown Hill Capital Corporation as trustee and manager of the Fund and the appointment of Aston Hill Asset Management Inc. as the successor trustee and manager of the Fund be held on or about February 17, 2012.

The Fund is a publicly traded mutual fund on the TSX. Further information is available on SEDAR at www.sedar.com.

Contact Information

  • Counsel to the Dissident Unitholders
    David Calnan
    403-299-9600