diversiTrust Energy Income Fund

diversiTrust Energy Income Fund
Goodman & Company, Investment Counsel Ltd.

Goodman & Company, Investment Counsel Ltd.

January 05, 2005 15:42 ET

diversiTrust Energy Income Fund Announces Exercise of Over-Allotment for Gross Proceeds of $4.4 Million


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DIVERSITRUST ENERGY INCOME FUND

TSX SYMBOL: DTN.UN

AND GOODMAN & COMPANY, INVESTMENT COUNSEL LTD.

JANUARY 5, 2005 - 15:42 ET

diversiTrust Energy Income Fund Announces Exercise of
Over-Allotment for Gross Proceeds of $4.4 Million

TORONTO, ONTARIO--(CCNMatthews - Jan. 05, 2005) - Goodman & Company,
Investment Counsel Ltd., the manager of diversiTrust Energy Income Fund
(TSX:DTN.UN)(the "Fund") is pleased to announce that the agents of the
previously announced initial public offering of trust units ("Trust
Units") have exercised their over-allotment option and have purchased
440,000 additional Trust Units.

The exercise of the over-allotment increases the size of the IPO to
7,440,000 Trust Units for aggregate gross proceeds of $74,400,000 ($10
per Trust Unit). The Trust Units are listed on the Toronto Stock
Exchange under the symbol DTN.UN.

The Fund's investment objectives are: i) to provide Unitholders with a
stable stream of tax-efficient monthly distributions initially targeted
to be $0.083 per Trust Unit (approximately 10% per annum on the original
$10 issue price); ii) to return the original issue price of the Trust
Units to unitholders upon termination of the Fund on December 31, 2014;
and iii) to provide unitholders an opportunity for capital appreciation.

The Fund will at least on an annual basis, commencing in December 2005,
determine and announce an indicative distribution for the following
twelve months based upon the prevailing market conditions and the
estimate of distributable cash flow for the year.

Ned Goodman and Dean Prodan will be responsible for investment decisions
for the Fund on behalf of the Manager. Mr. Goodman has more than 40
years of investment experience as a securities analyst, portfolio
manager and senior executive. Mr. Prodan is the founder of UTA Asset
Management Corp. of Calgary, Alberta and has been appointed as
sub-advisor to the Fund. Mr. Prodan, with over 15 years of experience
investing in the Canadian oil and gas, and capital markets was until
recently the President of Cresent Capital Corp., a company that provided
portfolio management services to mutual funds, including the Dominion
Equity Fund, a leading oil and gas mutual fund.

RBC Capital Markets, CIBC World Markets Inc., Dundee Securities
Corporation, Scotia Capital Inc., lead a syndicate of agents that
included, TD Securities Inc., BMO Nesbitt Burns Inc., National Bank
Financial Inc., Canaccord Capital Corporation, HSBC Securities (Canada)
Inc., Berkshire Securities Inc., First Associates Investment Inc. and
Raymond James Ltd.

Goodman & Company is a leading Canadian investment firm tracing its
portfolio management roots back over 45 years, with approximately $14
billion in assets under management. Goodman & Company, including Dynamic
Mutual Funds and its affiliates, offers a wide range of wealth
management solutions through registered financial advisors, including
mutual funds; fee-based programs (Viscount and Marquis), limited
partnerships (CMP and Canada Dominion), a labour-sponsored fund, hedge
funds and a high net-worth investment counsel (Goodman Private Wealth
Management). Goodman & Company, Investment Counsel Ltd. is a subsidiary
of Dundee Wealth Management Inc. (TSX:DW)

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Goodman & Company, Investment Counsel Ltd.
    Trevor Hampden
    (416) 365-5002
    www.diversitrust.com